FX.co ★ Trading plan for EURUSD for November 13, 2020

Technical outlook:

EURUSD price action has remained subdued since the past few trading sessions since reversing from 1.1920 highs. The single currency pair is seen to be trading around the 1.1803/05 levels at the moment of writing and is expected to push through 1.1850/60 intraday before finding resistance again. The structure continues to look bearish for the short term, with bias towards the 1.1500 levels at least. Also note that EURUSD had carved a potential lower high around 1.1920 early this week, and prices should ideally stay lower. Immediate resistance is seen through 1.1920 and is followed by 1.2010, while support comes in around the 1.1600 mark. Intraday rallies are possible through the 1.1850/60 levels but all rallies are expected to remain well capped below the 1.1920 level going forward. On the flip side, a break above 1.1920 would nullify the bearish structure and threaten to push it beyond 1.2010.

Trading plan:

Remain short for now, stop @ 1.2010, target below 1.1500 at least.

Good luck!