empty
27.11.2023 09:25 PM
Technical analysis on EUR/USD on November 27, 2023

This image is no longer relevant

Overview :

The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0848 and 1.0966. Also, the daily resistance and support are seen at the levels of 1.0966 and 1.0848 respectively.

Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last week, the market moved from its bottom at 1.0848 and continued to rise towards the top of 1.0966. Today, in the one-hour chart, the current rise will remain within a framework of correction.

The Relative Strength Index (RSI) is considered overbought because it is below 60. The RSI is still signaling that the trend is downward, but it is still strong above the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bearish trend.

However, if the pair fails to pass through the level of 1.0966, the market will indicate a bearish opportunity below the strong resistance level of 1.0966 (the level of 1.0966 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0966 with the first target at 1.0848.

If the trend breaks the support level of 1.0848, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0725 in order to test the daily support 2 (horizontal balck line).

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

Forecast for GBP/USD on March 31, 2025

On the hourly chart, the GBP/USD pair traded sideways on Friday, but two rebounds from the 1.2931 level allow for some potential growth toward the 127.2% Fibonacci corrective level

Samir Klishi 12:28 2025-03-31 UTC+2

EUR/USD. March 31st. The Dollar Has No Chance

On Friday, the EUR/USD pair consolidated above the 1.0781–1.0797 zone, allowing the upward movement to continue toward the 200.0% Fibonacci level at 1.0857. A rebound from this level would favor

Samir Klishi 11:58 2025-03-31 UTC+2

Forex forecast 31/03/2025: EUR/USD, GBP/USD, Gold, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:50 2025-03-31 UTC+2

EUR/USD and GBP/USD March 31 – Technical Analysis

During the week, bearish players attempted to confirm the earlier-formed pullback and continue the decline but were unsuccessful, resulting in a long lower shadow on the weekly candlestick. The pair

Evangelos Poulakis 09:07 2025-03-31 UTC+2

EUR/USD Forecast for March 31, 2025

Market participants have again been gripped by fear due to Washington's intention to expand tariff duties by 20% on virtually all U.S. trading partners. On Friday, the S&P 500 stock

Laurie Bailey 05:20 2025-03-31 UTC+2

GBP/USD Forecast for March 31, 2025

On the daily chart, the price is moving within an ascending channel. If optimism continues, the target level of 1.3184 could be broken. The Marlin oscillator is neutral

Laurie Bailey 05:13 2025-03-31 UTC+2

USD/JPY Forecast for March 31, 2025

Following Friday's 1.97% drop in the S&P 500 index, the USD/JPY pair fell by 120 pips. This morning, the Japanese Nikkei 225 index is down 3.85%, and USD/JPY is losing

Laurie Bailey 05:13 2025-03-31 UTC+2

Oil Forecast for March 31, 2025

Crude Oil (CL) held above the descending green price channel line for only two days. After dropping 84 cents by Friday, the quote fell below this channel line

Laurie Bailey 05:13 2025-03-31 UTC+2

Forex forecast 28/03/2025: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 23:24 2025-03-28 UTC+2

Trading Signals for GOLD (XAU/USD) for March 28-31, 2025: sell below $3,078 (technical correction - 21 SMA)

Important support is located around the 21 SMA at 3,035. This level coincides with the bottom of the uptrend channel, which could suggest a technical rebound in the coming days

Dimitrios Zappas 14:12 2025-03-28 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.