FX.co ★ Technical Analysis of EUR/USD for November 24, 2021

Technical Market Outlook

The EUR/USD pair made a new swing low 1.1227, which is a technical support for bulls. The test of the lower channel line was negative and the bulls were rejected from the higher prices. The next target for bears is seen at the level of 1.1185, but if the bulls break out of the channel, then the down move might be postponed. The current market condition's at the H4 time frame chart are still oversold, so a bounce towards the local technical resistance seen would be seen as typical market behavior. The key technical resistance is seen at the level of 1.1513 and as long as the price trade below this level, the outlook is bearish.

Weekly Pivot Points:

WR3 - 1.1603

WR2 - 1.1531

WR1 - 1.1388

Weekly Pivot - 1.1319

WS1 - 1.1173

WS2 - 1.1107

WS3 - 1.0965

Trading Outlook:

The market is in control by bears that pushed the price below the level of 1.1501, which was the lowest level since November 2020. The next important long-term target for bears is seen at the level of 1.1365. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.