23.11.202009:01 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 23, 2020

Technical Market Outlook:

The EUR/USD pair keeps trading in a narrow zone located between the level of 1.1822 - 1.1880, but the bulls are pushing higher every time the market makes a pull-back. The next target for bulls is seen at the level of 1.1920 (swing high) and then at 1.1965. The nearest technical support is located at 1.1813, 1.1803 and 1.1789. The strong and positive momentum supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - 1.1973

WR2 - 1.1933

WR1 - 1.1892

Weekly Pivot - 1.1854

WS1 - 1.1815

WS2 - 1.1774

WS3 - 1.1735

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.