22.11.202404:55 Forex Analysis & Reviews: Forecast for EUR/USD on November 22, 2024

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Yesterday, the euro declined by 68 pips, reaching the target range of 1.0449–1.0483. This movement is sufficient to set the stage for a market correction after the decline since August 25, as convergence with the oscillator is now in place. The nearest corrective level at 23.6% aligns with the target level 1.0636.

At the same time, the target range of 1.0385–1.0418, formed by two price channel lines on the weekly chart, remains untested. If the price reaches the red line of the descending price channel, a reversal could occur from 1.0418, preserving the already-formed convergence.

Significant developments will likely take place next week.

On the four-hour chart, the overall trend remains bearish. Key signals come from target levels: Consolidation above 1.0483 could start a corrective consolidation, paving the way for further growth. A decline below 1.0449 would allow the price to test the stronger support at 1.0418. This action would also widen the expected consolidation range to approximately 1.0418–1.0490.

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