Technical Market Outlook:

The EUR/USD pair hit the level of 1.2000. Nevertheless, the market reversed sharply as the Bearish Engulfing pattern occurred at the top of the move. The next target for bulls is seen at the level of 1.2089. The nearest technical support is located at 1.1914, 1.1908 and 1.1949. The strong and positive momentum supports the short-term bullish outlook. The monthly candle for November is green and looks very bullish, so the market participants should expect the up trend to continue in December.

Weekly Pivot Points:

WR3 – 1.2206

WR2 – 1.2083

WR1 – 1.2043

Weekly Pivot – 1.1921

WS1 – 1.1871

WS2 – 1.1758

WS3 – 1.1714

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.


The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.