For Traders

Analytical Reviews

Technical analysis

26.11.202017:00 Forex Analysis & Reviews: EUR/USD Forecast for 26 November

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD may continue to trend higher, with "round number" resistance at 1.20 and the September high at 1.2011 are near-term targets for the pair.

The EUR/USD pair is consolidating with a limited bearish potential. In the 4-hour chart, EUR/USD is trading in a narrowing ascending triangle pattern in the past few days. The uptrend support has been holding since early November yet the recent rejection just under 1.194 creates the barrier level of this pattern.

On the downside, the formation of bearish divergence ( MACD) suggest a bearish breakout is around the corner. Trading for a bearish move at this time is irrelevant since price is consolidating. If a breakout below the ascending trendline is seen, the trend reversal from MACD bearish divergence is confirmed. This would probably ignite an impulsive downside push back towards 1.1830-1.180 region.

Technical indicators in the mentioned timeframe have retreated from daily highs but remain within positive levels and lacking bearish strength. On the flip side, the bulls would have better chances on renewed demand above the 1.1920 resistance level.

Back to the list

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.