EUR/USD Outlook and Analysis For 28th November – (Forex FX 4X)
(Forex-FX-4x.com, EUR/USD Outlook And Analysis For 28th November).
Our weekend EUR/USD update noted that the psychological 1.3000 level was viewed as the key near term technical focus heading into the new week. The subsequent price action has seen the EUR/USD push to a high of 1.3008 and then drop as low as 1.2914 after taking out stops on a 1.3000 area rejection. The euro/dollar is now trading around -0.36% lower on the day and consolidating just above the days ultimate low.
- A close around the current area would see a bearish engulfing candle printed on the daily chart; a bearish reversal pattern in this location would be a constructive technical development and weigh on the near term EUR/USD sentiment – if a confirmation follow through move lower is seen over the upcoming 28th November trading sessions.
- Potential near term support comes around the 1.2885 area, which has seen price pivot zone action and may be supportive to a certain extent on any extended downside. Further to this is the 1.2800 – 1.2830 area which has been a key support/resistance flip area over recent trading.
- Any upside may once again find an element of resistance around the 1.3000 area, with the 61.8% Fibonacci retrace located around 1.2955 loosely aligned from a daily chart perspective.
- A failure to sustain today’s downside momentum, and any subsequent move back above 1.3000, would negate our near term bearish directional bias.
- In related analysis we note that the USDX 80.00 level has held as initial support with a daily low of 80.03 seen prior to an intra-day reversal, the dollar index is now trading around the 80.40 area. GBP/USD is only trading marginally lower at -0.07% on the day which has EUR/GBP at -0.19%. USD/CHF pared earlier losses and is now trading up +0.35% at 0.9305.