Technical Analysis of EUR/USD for November 12, 2020

Technical Market Outlook:

The EUR/USD pair has been seen continuing the wave down that has recently hit the 50% Fibonacci retracement of the last wave up located at the level of 1.1761. Moreover, the market keeps trading below the orange trend line, so the bearish pressure is stronger. The next target for bears is seen at the level of 61% Fibonacci retracement seen at 1.1732. The nearest technical resistance is located at 1.1789 and will act as a intraday level. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.2308

WR2 - 1.2092

WR1 - 1.2015

Weekly Pivot - 1.1812

WS1 - 1.1717

WS2 - 1.1522

WS3 - 1.1441

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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The material has been provided by InstaForex Company - www.instaforex.com