EURUSD Technical Analysis for November 27
Posted by FXTimes in Featured - November 27th, 2015 5:45 am GMT
A daily chart view has been presented here again for to review the bigger wave structure. EURUSD has been trading below the fibonacci 0.786 support of the entire rally from 1.0450 to 1.1700 respectively. One probable count could be a rally from current levels that could test 1.1700 levels again. Second higher probability count is this: The EURUSD is already set up for a drop towards parity levels since the drop from 1.17 levels earlier. A down wave is almost complete at 1.0700 levels and that the pair could just pullback to 1.0930/50 levels (also the support turned resistance line is passing), before dropping lower. Immediate support is the 1.0500 levels while resistance is 1.0690 levels respectively for now. The RSI holds 30 levels, and there is bullish divergence also seen which is supportive of at least a pullback rally.
Watch out for a break above 1.0690 levels and then buy on dip.