Technical analysis of EUR/USD for November 09, 2020

Trading 09 Nov 2020 Donner votre avis

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Overview :

The EUR/USD pair settled above the support at 1.1782 and is moving towards the next resistance level at 1.1893 then 1.1995.

In the H1 time frame, the EUR/USD pair continues to move in an uptrend from the level of 1.1782 since last week. So, major support is seen at 1.1782, while immediate resistance is found at 1.1893.

Besides, it should be noted that the support (1.1782) coincides with the ratio of 61.8% Fibonacci retrecement. Today, we guess that the pair will be traded higher in the early session and try to reach the first resistance at the level of 1.1893.

The bias is neutral in the nearest term probably with a little bullish bias testing 1.1782 area which needs to be clearly broken to the upside to keep the bullish scenario strong.

A clear break above that area (1.1782) could lead the price to the neutral zone in the nearest term testing 1.1950. Thus, we confirm the bullish scenario.

On the downside :

The EUR/USD pair has faced strong resistances at area of 1.1950 - 1.1893. The strong resistance has already formed at the levels of 1.1950 and 1.1893 for that the pair is likely to try to approach it in order to test it again.

However, if the pair fails to pass through the levels of 1.1950 or/and 1.1893, the market will indicate a bearish opportunity below the new strong resistance levels of 1.1950 - 1.1893.

A break of 1.1829 minor support will mix up the outlook and turn intraday bias neutral first.

Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below the spot of 1.1950 - 1.1893.

It will be good to sell at 1.1950 - 1.1893 with the first target of 1.1782. It will also call for a downtrend in order to continue towards 1.1714. The daily strong support is seen at 1.1603.

However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.1975.

The material has been provided by InstaForex Company - www.instaforex.com

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