empty
22.11.2023 10:14 AM
Trading plan for EURUSD on November 22, 2023

This image is no longer relevant

Technical outlook:

EUR/USD has potentially reversed from the 1.0950-60 range sliding below 1.0900 during early trading hours on Wednesday. The single currency pair has recovered a bit and is now seen to be trading close to 1.0920 at this point in writing. Intraday resistance could be seen close to the 1.0930-40 area and the bears are expected to come back in control then.

EUR/USD has reversed from a significant resistance zone close to the Fibonacci 0.618 retracement of its earlier downswing between 1.1275 and 1.0450 levels. If the pattern holds well, this could be a major trend reversal and drag prices below 1.0450 in the next several weeks. Initial price support is seen at 1.0824 and a break below that is still required to confirm.

EUR/USD has also respected the bearish divergence seen on 4H RSI, which indicated a potential turn from the 1.0950-60 area. A continued drag lower would break its immediate trend line support which is passing close to 1.0824. Ideally, a top seems to be in place and traders might position against recent swing highs around 1.0960.

Trading idea:

A potential drop resumes towards 1.0450.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the GBP/USD Pair on April 10? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair spent the past 24 hours rising, then falling again, and then rising again. As before, it's impossible to identify

Paolo Greco 06:49 2025-04-10 UTC+2

How to Trade the EUR/USD Pair on April 10? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair showed strong growth and decline on Wednesday. Lately, both moves have been triggered by Donald Trump. First, news

Paolo Greco 06:49 2025-04-10 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 10: Who Cares About U.S. Inflation Right Now?

On Wednesday, the GBP/USD currency pair showed mixed movements throughout the day but generally maintained a downward trend — if we can even call the current behavior a "trend." There

Paolo Greco 03:21 2025-04-10 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 10: 500% Tariffs for China!

On Wednesday, the EUR/USD currency pair moved exactly as expected — in several aspects. First, let's start with the "triangle" pattern we discussed yesterday. We warned that such formations often

Paolo Greco 03:21 2025-04-10 UTC+2

How to Trade the GBP/USD Pair on April 9? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair traded with a slight upward bias. There were no major news events throughout the day, and only

Paolo Greco 06:47 2025-04-09 UTC+2

How to Trade the EUR/USD Pair on April 9? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair traded with low volatility throughout the day, mostly moving sideways. However, as we warned, this

Paolo Greco 06:47 2025-04-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 9: The Pound Is Stuck in One Place

The GBP/USD currency pair made a slight upward correction on Tuesday but failed to break through the nearest resistance level. Thus, after a 500-pip decline, we have seen virtually

Paolo Greco 02:55 2025-04-09 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 9: The Market Is Getting Ready to Break Out Again

The EUR/USD currency pair calmed down slightly on Tuesday, but the technical picture does not promise anything good—nor does the fundamental background. Let's start with the technicals. A classic "bullish

Paolo Greco 02:55 2025-04-09 UTC+2

GBP/USD: Trading plan for the U.S. session on April 8th (analysis of the morning trades)

In my morning forecast, I focused on the 1.2754 level and planned to make trading decisions from it. Let's look at the 5-minute chart and examine what happened there

Miroslaw Bawulski 19:33 2025-04-08 UTC+2

EUR/USD: Trading plan for the U.S. session on April 8th (analysis of the morning trades)

In my morning forecast, I focused on the 1.0987 level and planned to make trading decisions from it. Let's look at the 5-minute chart and see what happened there

Miroslaw Bawulski 19:29 2025-04-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.