Trading plan for EURUSD for November 17, 2020


Technical outlook:

EURUSD has managed to retrace towards 1.1860 again and should carve a lower high soon. The single currency pair is seen to be trading at around 1.1860 levels at this point in writing and is expected to be back in control of bears. The currency pair is facing immediate resistance around 1.1920, followed by 1.2010; while interim support comes in at 1.1750 levels respectively. The overall structure continues to remain bearish until EURUSD stays below 1.2010 highs, which was a print on September 01, 2020. A push below 1.1750 from here will accelerate lower towards 1.1500 at least and also confirm that a meaningful lower high is in place around 1.1850/60 levels. Also note that trend line support and fibonacci 0.382 retracements are seen just below 1.1500 levels.

Trading plan:

Remain short, stop @ 1.2010, target is @ 1.1500 at least.

Good luck!

The material has been provided by InstaForex Company -