FX.co ★ Technical Analysis of EUR/USD for November 24, 2023

Technical Market Outlook:

The EUR/USD pair has bounced from the pull-back local low made at the level of 1.0853 and is trading in a narrow trading range close to the 50 MA located at 1.0939. The intraday technical support seen at the level of 1.0888 and 1.0853 and the intraday technical resistance is located at 1.0944. Key short-term technical support rests at 1.0770. The momentum bounce back up into to positive area, so the bulls are temporary in control of the market.The larger time frame trend remains up, but in order to rally up, the bulls needs to breakout above the level of 1.0963 again.

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 rebounded from the weekly swing low at 1.0449, persistently ascending within the ongoing counter-trend corrective cycle. Bulls are eyeing the next target at the 61% Fibonacci retracement of the recent weekly downtrend, positioned at 1.0963. A breakout above this level would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.