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Technical Analysis of EUR/USD for November 20, 2020

Technical Market Outlook:

The EUR/USD pair has bounced from the 61% Fibonacci retracement seen on the weekly time frame and located at 1.1822. The move up was strong, but shallow and there is no new high made yet above the last one seen at the level of 1.1893. In case of the up move continuation, the next target is seen at the level of 1.1914 and above. The nearest technical support is located at 1.1813, 1.1803 and 1.1789.

Weekly Pivot Points:

WR3 - 1.2099

WR2 - 1.2008

WR1 - 1.1924

Weekly Pivot - 1.1834

WS1 - 1.1747

WS2 - 1.1659

WS3 - 1.1571

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