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20.11.202018:23 Forex Analysis & Reviews: Ichimoku cloud indicator Daily analysis of EURUSD

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

EURUSD revisited the 1.1890 high that was tested twice this week and is now pulling back down. We need to remember that from 1.19 area last week price made a sharp reversal lower towards 1.1750 and another reversal in October towards 1.16. So the 1.19 level is very important resistance confirmed several times.

Exchange Rates 20.11.2020 analysis

On a weekly basis trend remains bullish. Key support to look out for is at 1.1760 and as long as price is above it, we could see another leg higher towards 1.20-1.21. If support fails to hold, we should be prepared for a pull back towards the kijun-sen(yellow line indicator) now at 1.14.

Short-term support as we explained in previous posts is at 1.18. A break below 1.18 would be a sign of weakness. Until then, bulls remain in control of the trend.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2020

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