EURUSD Expected To Continue Fall on Massive Lockdowns

EURUSD Price Analysis – November 29

During today’s session, the EURUSD is lagging behind its key rivals, with selling emerging around the intraday high at 1.1311. The pair is giving up some of the gains made on Friday’s robust bounce. As contagions spread, the Eurozone and the EUR are at risk of tighter limitations in the next weeks.

Key Levels
Resistance Levels: 1.1525, 1.1422, 1.1350
Support Levels: 1.1250, 1.1186, 1.1125
EURUSD Long term Trend: Bearish
The rebound from the level of 1.1186 is currently regarded as a corrective move. If there is a further rise, it should be limited to the retracement from the 1.1250 level to 1.1315. It is anticipated to consolidate between levels 1.1186 and 1.1350 in preparation for the following session.

The negative trend that began at the high of 1.2266 may resume at a later time. Meanwhile, a persistent breach on EURUSD of the level at 1.1422 could temper this bearish perspective, resulting in a bigger increase in the retracement to the higher zone.
EURUSD Short term Trend: Bearish
The EURUSD’s intraday tendency remains bearish, with today’s support near 1.1258. A break could confirm that the corrective rise from the low of 1.1186 to the high of 1.1329 is complete. Then we’ll have to wait and see if the price drops any further, retesting the level of 1.1186.

Although on the upside, a modest resistance level above 1.1350 may neutralize intra-day bias first. However, in the event of a rebound, the risk may remain low as long as the resistance of the level at 1.1422 remains intact. The pair is trading lower in the short term, the long-term trend remains bearish, therefore this might be a correction.

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