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Market Analysis

Home » Featured » EURUSD, Technical Analysis for November 24

EURUSD, Technical Analysis for November 24

Posted by FXTimes in Featured - November 24th, 2015 4:17 am GMT

2
Chart setup:
The daily chart view presented here is still indicative of a potential reversal count from yesterdays’ lows at 1.0585 levels. Lets look into the 2 probabilities unfolding here. The first wave count is that of an AB boundary through 1.0470 levels through 1.17 levels, which might have formed a potential C yesterday at 1.0585 levels. If this count holds true, prices should exceed or test 1.17 levels in the coming weeks. The second wave count is that EURUSD has begun its drop towards parity levels from the 1.17 levels. It has completed a major down leg from 1.1490 levels through 1.0585 levels for now and is looking to pullback through 1.1130 levels, before turning lower again. In either wave counts, a rally could be expected at last through 1.1130 levels. Also, the RSI at 30 levels, favours a rally from current levels. Should be taken with caution though.
Trading recommendations:
Aggressive Trade: Long from 1.0640, stop 1.0560, target 1.1130.
Conservative: Flat for now.

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