EURUSD Daily Analysis – November 23, 2017

EURUSD broke above the fall trend line on the 4-hour chart, indicating that the short term downtrend from 1.1860 had completed at 1.1712 already. Further rally would likely be seen in the coming days and next target would be at 1.1879 key resistance. A breakout of this level could trigger further upside movement towards 1.2000, followed by 1.2092 (Sep 8 high). Near term support is at 1.1712, followed by the resistance-turned-support level at 1.1690. Only breakthrough these levels could bring price back to the downtrend from 1.1860, then deeper decline towards 1.1554 support could be seen. Below here would aim 1.1400.

EURUSD 4-hour chart