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FX.co ★ Intraday technical levels and trading recommendations for EUR/USD for November 24, 2015

Intraday technical levels and trading recommendations for EUR/USD for November 24, 2015

Intraday technical levels and trading recommendations for EUR/USD for November 24, 2015

The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have previously pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (July, August, September and October) reflected a strong bearish rejection, which took place at the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakout of the monthly demand level at 1.0555 occurs before the end of the this month.

Intraday technical levels and trading recommendations for EUR/USD for November 24, 2015

On August 24, the market looked overbought as bulls were pushing the pair further above the level of 1.1500 (daily supply level).

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050 were already reached.

A bearish breakout of the depicted uptrend has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Two weeks ago, daily persistence below the level of 1.0990 exposed the next demand level around 1.0850 where prominent bottoms were previously established in May, July, and August.

This week, daily persistence below the level of 1.0700 (key level) is needed to maintain enough bearish momentum towards 1.0650 and 1.0550 (prominent monthly low) where price action should be watched.

On the other hand, a valid sell entry can be offered around the level of 1.0700 if the current bullish correction takes place above 1.0640 (yesterday's closure level).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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