EUR/USD: Technical Analysis and Trading Recommendations_11/23/2021


Despite the growth at the beginning of today's European session, EUR / USD remains in the bear market zone, trading below the key resistance levels 1.1620 (ЕМА200 on the weekly chart), 1.1750 (ЕМА200 on the daily chart), 1.1885 (ЕМА200 on the monthly chart).

At the moment, the euro remains one of the weakest major world currencies due to a number of fundamental factors.

Further decline in EUR / USD is most likely. In view of this, short positions for this currency pair remain preferable.

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Even entering short positions “by-the-market” would be logical, but the best thing, of course, is to wait for a pullback and growth to the resistance zone and levels 1.1270 (ЕМА200 on a 15-minute chart), 1.1285 (Fibonacci level 23.6% of an upward correction in a wave of decline pair from the level of 1.3870, which began in May 2014, to the level of 1.0500), 1.1300 to enter the market at a better price.

In an alternative scenario, the breakdown of the short-term resistance level 1.1352 (ЕМА200 on the 1-hour chart) will signal the start of an upward correction towards the resistance level 1.1506 (ЕМА200 on the 4-hour chart).

However, only a breakdown of the key resistance levels 1.1750, 1.1780 (Fibonacci level 38.2%) will indicate a return of EUR / USD to the bull market.

Support levels: 1.1230, 1.1200, 1.1170

Resistance levels: 1.1270, 1.1275, 1.1285, 1.1352, 1.1506, 1.1550, 1.1620, 1.1720, 1.1780

Trading Recommendations

Sell Stop 1.1230. Stop-Loss 1.1290. Take-Profit 1.1200, 1.1170, 1.1100, 1.1000

Buy Stop 1.1290. Stop-Loss 1.1230. Take-Profit 1.1352, 1.1506, 1.1550, 1.1620, 1.1720, 1.1780