EUR/USD Price forecast for the week of November 27, 2017, Technical Analysis

The EUR/USD pair initially fell during the week, but found enough support at the 1.17 level to turn around and rally significantly. By doing so, we ended up breaking above the 1.19 level, and that is a very bullish ID. It looks as if we are ready to go towards the highs again at the 1.21 handle, and the pullbacks will continue to offer buying opportunities. The 1.17 level now should offer a bit of a “floor”, and I think that the US dollar continues to be punished due to the US Congress being unable to pass tax reform. Ultimately, I believe that the EUR will reach towards the 1.21 level above, and if we can break above there, we will not only see bullish pressure, but it could unleash a much larger move to the 1.25 handle.

When I look at this chart, I can also make an argument for a bullish flag being broken to the upside, and it’s likely that we could go as high as the 1.32 level based upon the measurement. I have no interest in shorting this pair anymore, I believe that this last week has been a bit too much bullish pressure to think that the sellers are going to suddenly take over. I think at this point, pullbacks should be thought of value only, and not a selling opportunity unless we were to break down below the 1.17 handle. The volatility continues, and I believe that it’s very unlikely that we will be able to trade large positions right away, but once we clear the 1.21 handle, that is a major barrier and should continue to attract buying pressure as well, as it becomes a bit of an obvious signal.

EUR USD Forecast Video 27.11.17