EURUSD Price Analysis – November 30
The EURUSD has continued its recent upside swing with an attempt to run through the 1.20 marks suggesting price is en route to its 2020 2-year high at 1.2011 level after days of range. The US dollar has also been on the back foot as news coming from the vaccine front encouraged investors to take profits on US stocks.
Key Levels
Resistance Levels: 1.2150, 1.2050, 1.2011
Support Levels: 1.1900, 1.1800, 1.1740
EURUSD Long term Trend: Bullish
EURUSD continues trading above the daily moving average of 5 and 13 but the Relative Strength Index is confronting the 70 indexes pointing to overbought conditions. This development also adds to the case of a downward correction.
Above the round number of 1.20 level, the critical level to watch is the 2020 peak of 1.2011. Meanwhile, the next initial resistance awaits at the 1.2050 level. Above that hurdle, the world’s most popular currency pair is back to levels last seen in 2018, with 1.2095 level as the next target.
EURUSD Short term Trend: Bullish
The intraday bias in EURUSD stays on the upside for retesting the 1.2011 high level. The sustained breach of the 1.2011 high level may restart the total rebound from the 1.0635 low level. Further, the next goal is the 61.8% forecast of 1.0635 to 1.2011 levels from 1.1612 at 1.2165 levels.
On the downside, however, breach of the 1.1800 support level may alter intraday bias to the downside, to extend the ranging trend from the 1.2011 level with another falling phase. All in, only a break of 1.1900 initial downside round number would indicate that the risk for further EUR strength has dissipated.
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