empty
20.11.2023 05:28 AM
Trading plan for EURUSD on November 20, 2023

This image is no longer relevant

Technical outlook:

EUR/USD rose through the 1.0920-25 highs in the early Asian session on Monday. The single currency pair has hit its second projected Fibonacci extension now, and the bears would be ready to come back in control. A break below the 1.0820-30 initial support will confirm a top in place and that prices would produce a meaningful correction at least.

EUR/USD has almost reached the Fibonacci 0.618 retracement of the earlier drop between 1.1275 and 1.0450 levels. The counter-trend rally looks complete at 1.0920 or is close to termination. If the proposed structure holds, prices will turn lower from here and drag below 1.0450 in the next few trading sessions.

EUR/USD has grown to 1.0920 along with a bearish divergence on the RSI, which is not presented on the chart today. This move also suggests that a top could be in place and a potential trend reversal ahead. Ideally, prices should complete a three-wave drop which began from the 1.1275 highs to complete the pattern.

Trading idea:

A potential bearish reversal should resume soon against 1.0930

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.3456 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:30 2025-05-30 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.1336 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:27 2025-05-30 UTC+2

How to Trade the GBP/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair showed movements similar to the EUR/USD pair but with lower volatility. The ascending trendline was breached

Paolo Greco 06:37 2025-05-30 UTC+2

How to Trade the EUR/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair started Thursday with a sharp collapse but spent the rest of the day trading with strong growth. Explaining

Paolo Greco 06:37 2025-05-30 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 30: The British Pound is as Calm as an Elephant

The GBP/USD currency pair showed lower volatility on Thursday than the EUR/USD pair, which is quite surprising. At the same time, the British pound recovered without much difficulty

Paolo Greco 03:51 2025-05-30 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 30: The Market Fooled Everyone

The EUR/USD currency pair plunged sharply overnight on Thursday but posted a threefold stronger rally throughout the day. The overnight movement was triggered by a single event: the U.S. Court

Paolo Greco 03:51 2025-05-30 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 29th (Morning Trade Review)

In my morning forecast, I focused on the 1.3429 level and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:55 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.