Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the downward “Wolfe Wave” pattern on higher timeframes. Moving averages indicate a short-term bullish trend for the pair. Prices are again bouncing upward from the area between the signal lines, which indicates pressure from buyers of the European currency and a potential continuation of growth from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1896. As you can see, after a strong fear, the bulls were able to seize the initiative. As part of the Forex forecast for November 26, 2020, we should expect an attempt at a bullish correction and a test of the resistance level near the 1.1965 area. Further, the rebound and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1635.
EUR/USD Forecast Euro Dollar November 26, 2020
An additional signal in favor of falling EUR/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish “Wolfe Wave” pattern. Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.2065. This will indicate a breakdown of the resistance area and a continued rise to the area at 1.2295. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.1785, which will indicate a breakdown of the lower border of the ascending channel.
EUR/USD Forecast Euro Dollar November 26, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1965. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1635. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown of the level of 1.2065. This will indicate a breakdown of the resistance area and continued growth of the currency pair on Forex to the area above the level of 1.2295.
