FX.co ★ Technical Analysis of EUR/USD for November 28, 2023

Technical Market Outlook:

The EUR/USD pair has been seen testing the 61% Fibonacci retracement level located at1.0960, which is the weekly high as well. The intraday technical support seen at the level of 1.0931 and the intraday technical resistance is located at 1.0966 and 1.0968 (50 DMA). Key short-term technical support rests at 1.0825 and only a sustained breakout above this level would change the outlook to more bearish. The momentum bounced back up to positive area, so the bulls are temporary in control of the market, however, the momentum is decreasing toward the neutral level of 50 on RAI (14) at H4 time frame. The larger time frame trend remains up, but in order to rally up, the bulls needs to breakout above the level of 1.0968 again.

Weekly Pivot Points:

WR3 - 1.1099

WR2 - 1.1033

WR1 - 1.0986

Weekly Pivot - 1.0920

WS1 - 1.0873

WS2 - 1.0807

WS3 - 1.0760

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.