23.11.202009:31 Forex Analysis & Reviews: EUR/USD Forecast for November 23

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Key Highlights

EUR/USD climbed above 1.1850, but it struggled to clear the 1.1900 resistance zone.
A key bullish trend line is forming with support near 1.1840 on the 4-hour chart.
EUR/USD advances ahead of eurozone PMIs

EUR/USD Technical Analysis

After rebound at support near 1.1750, the Euro started a fresh increase against the US Dollar. EUR/USD broke the 1.1800 and 1.1850 resistance levels, but it seems to be facing a crucial hurdle ahead.

Looking at the 4-hour chart, the pair remained above the 1.1850. However, the bulls are facing a barrier at 1.1900 round figure mark resistance zone. The recent high was formed near 1.1890 before the pair corrected lower.

On the downside, there are many important supports, starting with 1.1850. There is also a key bullish trend line forming with support on the same chart. If there is a downside break below the ascending trend line support, the pair could test the 1.1800.Any further losses may perhaps lead EUR/USD towards the 1.1750 support zone.

On the upside, there is a strong resistance forming near the 1.1890 and 1.1900 levels. To continue higher and starting a strong rally, the pair must settle above the 1.1900 resistance zone. A break of this level could potentially lead to a rapid rise towards the major resistance at 1.192 (November 9 High) .

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