FX.co ★ Technical analysis of EUR/USD for November 20, 2015

Overview:

In the short term, the EUR/USD pair will probably turn to a bearish trend from the level of 1.0722.The level of 1.0722 represents the ratio of 50% Fibonacci on the H1 chart and also the double top at the same frame time since last week. Accordingly, it will be a good sign to sell below 1.0722 with the first target of 1.0641 to test the the daily pivot at this price. Then, it will call for a downtrend in order to continue with its bearish movement towards 1.0602 (the weekly minor support). Moreover, the strong support will be set at the level of 1.0533 in the next hours. At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.0758. Equally important, the weekly resistance will be set at the 1.0750 level.

Intraday technical levels:

Date | Time: 20/11/2015 | 10:46

Pair: EUR/USD

• R3: 1.0885
• R2: 1.0824
• R1: 1.0778
• PP: 1.0717
• S1: 1.0671
• S2: 1.0610
• S3: 1.0564