FX.co ★ Trading plan for EURUSD for November 24, 2021

Technical outlook:

EURUSD dropped through a fresh low around 1.1203 in the past hour. The single currency pair has hit the Fibonacci 1.618 extension of its counter-trend drop around 1.1227, which coincides with fibonacci 0.618 retracement of the entire rally between 1.0636 and 1.2350. Hence, probability remains high for a bullish reversal.

EURUSD faces immediate support around 1.1170, while resistance is seen at 1.2385 levels respectively. EURO bulls need to break higher toward 1.1385 to confirm they are back in control. A further slip from here could push the price down to 1.10068, which is fibonacci 0.786 retracement of the previous rally. Probabilities remain for a strong bullish reversal going forward.

The overall structure remains bullish as long as prices stay above 1.0636 but a consistent drop below 1.10068 would open the door for a potential trend reversal. We remain cautiously bullish for the time and await a break above 1.1385 for further confidence in the bullish structure.

Trading plan:

Potential bullish reversal toward 1.2350, against 1.1100

Good luck!