Technical analysis of EUR/USD for November 20, 2017

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Overview:

  • The EUR/USD pair continues to move upwards from the level of 1.1646. Last week, the pair dropped from the level of 1.1666 to the bottom around 1.1562. But the pair has rebounded from the bottom of 1.1562 to close at 1.1783. Today, the first support level is seen at 1.1731, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.1666, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling an upward trend. As a result, if the EUR/USD pair is able to break out the first resistance at 1.1835, the market will decline further to 1.1909 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 1.1731 with the first target at 1.1835 and further to 1.1909. However, stop loss is to be placed above the level of 1.1640.
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