FX.co ★ Technical analysis EUR/USD for November 26, 2020

EUR/USD has traded inside an acending channel since mid-March and is close to break clear of the double bottom neckline near 1.1907 and once clear the next upside target is seen at 1.2165.

However, the 1.2165 will likely turn out to be only a temporary stop on the way higher to at least 1.2854 as the next major upside target. Even if the neckline resistance at 1.1907 is able to cap the upside, is should only prove temporary and cause a minor correction towards a maximum of 1.1725 before the next upside attack to break above the neckline resistance at 1.1907.

Trade recommendation:

Buy a break above the neckline resistance at 1.1907 for a rally to minimum 1.2165 and likely a lot higher.