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26.11.202014:15 Forex Analysis & Reviews: Trading plan for EURUSD for November 26, 2020

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Technical outlook:

EURUSD has grown through 1.1941 today, before pulling back lower. The single currency pair is flirting with 1.1900 levels at this point in writing, looking to push towards 1.1880 and 1.1800 levels respectively. The currency is seen to be producing a potential shooting star bearish candlestick pattern on the daily chart and a minimum close around 1.1900 would confirm this. Please note that EURUSD has retraced almost the entire month and reached the fibonacci 0.786 retracement of earlier drop between 1.2010 and 1.1600 respectively. A bearish turn from here remains highly probable with bears looking poised to turn towards 1.1500 levels in the next several weeks. Immediate resistance is intact at 1.2010, while support is seen towards 1.1800 levels respectively. A break below 1.1800 will confirm that bears are back in control and a meaningful top is in place around 1.1941 levels today. The corrective rally seems to be complete and a sharp decline might be underway towards 1.1500.

Trading plan:

Remain short, stop @ 1.2010, target @ 1.1500.

Good luck!

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