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EUR/USD: technical analysis 28.11.2019

Current trend

The EUR/USD pair begins today’s trading with slight bullish bias due to correction. The key target of the correction is the level of 1.10122-1.10168, which corresponds to the middle line of Bollinger Bands. There is a high chance of a downward rebound, while its breakout would be a signal for upward trend resumption and let the price to grow to 1.10321. This level will be a key level for the short term buyers. The breakout of this level can accelerate the pair towards 1.10474.

Alternative scenario

The rebound from 1.10168 could lead the price back to 1.10016 support. The downward trend will be restored after the price is set below the level of 1.09863. In this case, the next targets of sellers will be the area of levels 1.09711-1.09558.

The technical picture is mixed.
Bollinger Bands are slightly leaned downwards, reflecting the moderate developing of the downward trend.
MACD histogram is in the negative zone keeping a signal for the opening of sell positions.
Stochastic has left the oversold zone and is directed upwards, signaling the development of an upward correction.

Support and resistance

Support levels: 1.10016, 1.09863, 1.09711.
Resistance levels: 1.10168, 1.10321, 1.10474.

Trading recommendations

Short positions can be opened below the level of 1.09863 with the target at around 1.09711-1.09558 and stop-loss at 1.09964.
Long positions can be opened above the level of 1.10168 with the target at around 1.10321-1.10474 and stop-loss at 1.10066.

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