20.11.202405:19 Forex Analysis & Reviews: Forecast for EUR/USD on November 20, 2024

Relevance up to 22:00 2024-11-20 UTC--5

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On Tuesday, the euro attempted a pullback from the 1.0590 resistance level, but the attempt proved premature as the pair was bought back from Monday's low.

As a result, the single currency closed the day with a modest decline, leaving a long lower shadow of over 70 pips. This signals the price's intent to test the target resistance at 1.0636, possibly consolidating above it and moving higher toward 1.0724, although reaching this higher level will be significantly more challenging. The Marlin oscillator appears optimistic this morning, but as it approaches the neutral zero line, it may reverse downward, derailing the plan to reach 1.0724 halfway through.

On the H4 chart, the price has consolidated above the balance indicator line and the 1.0590 resistance level. The MACD line has aligned with the 1.0636 target level, reinforcing it and preparing the bears for defense. Consolidating above 1.0636 would open the path toward 1.0724, but such a move will likely face significant resistance.

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