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Analytical Reviews

Technical analysis

29.11.202311:02 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 29, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The EUR/USD pair has broken above the 61% Fibonacci retracement level located at1.0960 and made a new weekly high at the level of 1.1018. The intraday technical support seen at the level of 1.0963 and the intraday technical resistance is located at 1.1018. Key short-term technical support rests at 1.0825 and only a sustained breakout above this level would change the outlook to more bearish. The momentum on the H4 time frame chart had bounced back up to extremely overbought area, so the bulls are temporary in control of the market. The larger time frame trend remains up and the next target for bulls is seen at WR3 located at 1.1099.

Exchange Rates 29.11.2023 analysis

Weekly Pivot Points:

WR3 - 1.1099

WR2 - 1.1033

WR1 - 1.0986

Weekly Pivot - 1.0920

WS1 - 1.0873

WS2 - 1.0807

WS3 - 1.0760

Trading Outlook:

The EUR/USD market rebounded from the weekly swing low at 1.0449, persistently ascending within the ongoing counter-trend corrective cycle. Bulls are eyeing the next target at the 61% Fibonacci retracement of the recent weekly downtrend, positioned at 1.0963. A breakout above this level and a weekly close would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2025

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