FX.co ★ November 17, 2020 : EUR/USD daily technical review and trade recommendations.

Few Weeksago, the price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel where significant bearish pressure and a reversal Head & Shoulders pattern were demonstrated.

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. All target levels were achieved. EXIT LEVEL was reached around 1.1720.

Early signs of bullish reversal were demonstrated around the recent price levels of 1.1600.

Shortly after, the EUR/USD pair has demonstrated a significant BUYING Pattern after the recent upside breakout above the depicted price zone (1.1750-1.1780) was achieved.

As mentioned in the previous article, the pair has targeted the price levels around 1.1920 which exerted considerable bearish pressure bringing the pair back towards 1.1800 which constitutes a prominent KEY-Zone for the EUR/USD pair.

Thus, the pair remains trapped between the price levels of 1.1750-1.1900 until breakout occurs in either directions.