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20.11.202305:28 Forex Analysis & Reviews: Trading plan for EURUSD on November 20, 2023

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Technical outlook:

EUR/USD rose through the 1.0920-25 highs in the early Asian session on Monday. The single currency pair has hit its second projected Fibonacci extension now, and the bears would be ready to come back in control. A break below the 1.0820-30 initial support will confirm a top in place and that prices would produce a meaningful correction at least.

EUR/USD has almost reached the Fibonacci 0.618 retracement of the earlier drop between 1.1275 and 1.0450 levels. The counter-trend rally looks complete at 1.0920 or is close to termination. If the proposed structure holds, prices will turn lower from here and drag below 1.0450 in the next few trading sessions.

EUR/USD has grown to 1.0920 along with a bearish divergence on the RSI, which is not presented on the chart today. This move also suggests that a top could be in place and a potential trend reversal ahead. Ideally, prices should complete a three-wave drop which began from the 1.1275 highs to complete the pattern.

Trading idea:

A potential bearish reversal should resume soon against 1.0930

Good luck!

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