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The single currency appreciated after the publication of the German data. The final GDP reading for the third quarter was better than expected, reaching 8.5% in the three months to September.
Yesterday, the EUR / USD pair saw a boost to 1.1903 but was rejected just above the 1.1903 level, we expect it to remain under this downward pressure below this zone. Another issue is the impact of the pandemic on the economy of the region and the political evolution around the EU Recovery Fund, these data will continue to weaken this pair.
If you can see the 4-hour chart, we notice that the pair is trading this morning of the American session around the 21 day EMA, at 1.1865 key level that we expect to stay above this level for a bullish move.
On the other hand, a break below this 1.1860 zone, we would have a good chance to sell this pair with bearish targets to the 1.1805 and 1.1780 zone. The eagle indicator is showing an overbought signal, which could take place in the next few hours.
Our recommendation is to continue selling below 1.19, if it remains below this level it is likely that the euro will continue its decline. A definitive and convincing break from this level (3/8 murray) may be bullish to the 1.1967 and 1.20 zone.
Market sentiment shows that there are 73% of traders selling this pair, which could add strength to our bullish outlook, but we should only buy when the pair makes a correction at the 1.1780 support.
Trading tip for EUR/USD for November 24-25
Sell if the pair breaks below 1.1860 with take profit at 1.1815 and 1.1779 (1/8 murray) and stop loss above 1.1901.
Buy if the pair rebound around EMA 200 at 1.1770 with take profit at 1.1850 and 1.1901 and stop loss below 1.1735.
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