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

GBP/USD: Trading Plan for the U.S. Session on April 2nd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.2903 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened. A decline

Miroslaw Bawulski 20:07 2025-04-02 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 2nd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0781 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and break down what happened

Miroslaw Bawulski 20:04 2025-04-02 UTC+2

How to Trade the GBP/USD Pair on April 2? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair continued trading within a flat range, just as it has for several weeks. The macroeconomic background

Paolo Greco 06:25 2025-04-02 UTC+2

How to Trade the EUR/USD Pair on April 2? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued to trade in the same mode as in previous weeks. What does that mean? Relatively

Paolo Greco 06:25 2025-04-02 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 2: Monday Quietly Slipped Into Tuesday

The EUR/USD currency pair traded on Tuesday in the same manner as on Monday. Yesterday, we warned that despite the large number of macroeconomic events, they might not influence

Paolo Greco 04:00 2025-04-02 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 2: The Market Continues to Rest

The GBP/USD currency pair continued to trade similarly on Tuesday, as it has over the last few weeks. All price movements have occurred between 1.2863 and 1.2981 for the past

Paolo Greco 04:00 2025-04-02 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 1 (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2916 and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:49 2025-04-01 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 1st (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.0815 and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:31 2025-04-01 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 31st (Analysis of Morning Trades)

In my morning forecast, I focused on the 1.2966 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:52 2025-03-31 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 31st (Analysis of Morning Trades)

In my morning forecast, I highlighted the 1.0829 level and planned to make trading decisions based on it. Let's look at the 5-minute chart to see what happened. A decline

Miroslaw Bawulski 19:50 2025-03-31 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.