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24.11.202210:28 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 24, 2022

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.

Technical Market Outlook:

The EUR/USD pair has bounced from the local low made at the level of 1.0227 and is heading north towards the swing high located at 1.0480. In a case of the rally continuation, the next target for bulls is seen at 161% Fibonacci extension located at 1.0623. The nearest technical support is seen at 1.0293 and 1.0369. The strong and positive momentum supports the short term bullish outlook for EUR on the H4 time frame chart. The market still needs to complete the wave v of the wave A to the upside as a part of the ABC-X-ABC complex corrective structure.

Exchange Rates 24.11.2022 analysis

Weekly Pivot Points:

WR3 - 1.04173

WR2 - 1.03565

WR1 - 1.03195

Weekly Pivot - 1.02957

WS1 - 1.02587

WS2 - 1.02349

WS3 - 1.01741

Trading Outlook:

The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows. In the mid-term, the key technical resistance level is located at 1.0389 and only if this level is clearly violated, the down trend might be considered terminated. Please notice, there is plenty of room to the downside for the EUR to go, all of the potential technical support level are very old and might not be much reliable anymore.

Please be aware, that any sustained breakout below the technical support seen at 0.9737 will extend the down move even more and will put the level of 0.9669 in view. In the longer term, the key technical resistance level is located at 1.0389 (swing high from August 11th), so the bulls still have a long road to take before the down trend reversal is confirmed. It looks like the simple corrective ABC cycle might evolve into more complex and time consuming ABC-X-ABC cycle.

Sebastian Seliga
Analytical expert of InstaForex
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