You are about to be redirected to
www.instaforex.com
The services on this website better suit your location
 
 
Open Account

20.11.202015:16 November 20, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 20.11.2020 analysis

Intraday traders should have noticed the recent bearish closure below 1.1700. This indicated bearish domination for the market on the short-term.

However, the EURUSD pair has failed to maintain sufficient bearish momentum below 1.1625 (38% Fibonacci Level). Instead, another bullish breakout was being demonstrated towards 1.1870 which corresponded to 76% Fibonacci Level.

As mentioned in previous articles, the price zone of 1.1870-1.1900 stood as a solid SUPPLY Zone corresponding to the backside of the broken channel.

Moreover, the recent bearish H4 candlestick closure below 1.1770 was mentioned in previous articles to indicate a valid short-term SELL Signal. All bearish targets were already reached at 1.1700 and 1.1630 where the current bullish recovery was initiated.

The curren bullish pullback towards the price zone of 1.1870-1.1900 is supposed to be considered for signs of bearish rejection and another valid SELL Entry. S/L should be placed just above 1.1950.

Bearish closure and persistence below 1.1777 (61.8% Fibonacci Level) is needed to enhance further bearish decline at least towards 1.1630.

Otherwise, another bullish pullback towards 1.1870-1.1900 should be considered for another valid SELL Entry.

Performed by Mohamed Samy
Analytical expert of InstaForex
© 2007-2020

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Vous quittez le site Internet d'INSTANT TRADING EU LTD www.instaforex.eu
Can't speak right now?
Ask your question in the chat.