FX.co ★ Technical Analysis of EUR/USD for November 20, 2023

Technical Market Outlook:

The EUR/USD pair had made a swing high at the level of 1.0936 as the bulls keep pushing the prices higher towards the level of 1.0962. The intraday technical resistance is the swing high from 1.0943 and only a strong and sustained breakout above this level would extend the bullish rally. The momentum is strong and positive, however, the market conditions are extremely overbought on the H4 time frame chart and there is visible Bearish Divergence between the price and momentum oscillator. The key short-term technical support is seen at 1.0770 and the intraday technical support is seen at 1.0896.

Weekly Pivot Points:

WR3 - 1.1246

WR2 - 1.1080

WR1 - 1.0997

Weekly Pivot - 1.0831

WS1 - 1.0748

WS2 - 1.0582

WS3 - 1.0499

Trading Outlook:

The EUR/USD market has bounced from the level of 1.0449 (weekly swing low) and keeps moving higher as the counter-trend corrective cycle continues. The next target for bulls is 61% Fibonacci retracement of the last weekly down wave located at the level of 1.0963. Any breakout above this level would be the first indication of the long-term trend reversal on EUR.