EURUSD Gains Traction for the 3rd Day in a Row, Breaks Past 1.1920 Level on USD Selling

EURUSD Gains Traction for the 3rd Day in a Row, Breaks Past 1.1920 Level on USD Selling

EURUSD Price Analysis – November 26

EURUSD continues to gain traction for the 3rd day in a row and comfortably breaks past the 1.1920 marks. The pair registered a positive move and gained some follow-through traction on Thursday amid persistent selling pressure surrounding the US dollar.

Key Levels
Resistance Levels: 1.2150, 1.2011, 1.1920
Support Levels: 1.1800, 1.1740, 1.1622
EURUSD Long-term Trend: Ranging
From a technical point of view on the daily chart, the breakout of the high resistance of the prior monthly fluctuation around 1.1920 may have already paved the way for a return to the key 1.2011 level. On the other hand, the 5 moving average at 1.1880 now appears to be protecting the immediate downturn.

In a broader context, the increase from 1.0635 is seen as the third trend cycle from the 1.0339 (low) level. Further, a sustained rally to the cluster resistance at 1.2150 can be seen. This scenario may remain preferable as long as the resistance at 1.1422, which turned into a support level, remains unaltered.
EURUSD Short term Trend: Ranging
In the short term, EURUSD’s failure to hold above the 1.1920 level could lead to a pullback to the 4-hour moving average 13, which is currently at 1.1890. Adoption above 1.1920 is likely to generate stronger buying pressure. Meanwhile, EURUSD intraday bias remains positive for retest at 1.2011 high.

However, a decisive break could resume the general rally from the 1.0635 low. On the other hand, a break of near-term support at 1.1800 could displace the trend down to continue the consolidation trend from 1.2011 with another cycle of decline.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.