empty
20.11.2024 10:13 AM
EUR/USD and GBP/USD on November 20 – Technical Analysis

EUR/USD

This image is no longer relevant

Higher Timeframes:

After testing the support at the first weekly Ichimoku breakout target (1.0497), the pair slowed down and entered a consolidation phase. Key downside targets such as the weekly goal (1.0497 – 1.0410) and the monthly mid-term trend support (1.0454) remain intact. If the pair exits the consolidation zone to the upside, market interest will likely shift to the resistance zone at 1.0649 – 1.0729 – 1.0771, where levels from different timeframes converge.

This image is no longer relevant

H4 – H1:

On the lower timeframes, the pair has consolidated above the key levels at 1.0567-74 (weekly long-term trend + central daily Pivot level), giving the bulls the upper hand. Intraday bullish targets include classic Pivot resistance levels (1.0623 – 1.0651 – 1.0700).

However, if the market loses these key supports (1.0567 – 1.0574), bears will regain control and aim for classic Pivot supports (1.0546 – 1.0497 – 1.0469).

***

GBP/USD

This image is no longer relevant

Higher Timeframes:

Recently, the pound neared a strong support zone, which includes the daily Ichimoku breakout target (1.2592 – 1.2498), the weekly Ichimoku cloud (1.2563 – 1.2587), and the monthly support (1.2474). These levels have slowed the downtrend, giving the bears a pause. If this slowdown becomes a correction, the market will first encounter daily Ichimoku cross resistances (1.2792 – 1.2836) and the monthly short-term trend (1.2866).

This image is no longer relevant

H4 – H1:

In the lower timeframes, the pair moved above the key levels at 1.2659-70 (central daily Pivot + weekly long-term trend), providing the bulls an advantage. Intraday bullish targets lie at classic Pivot resistance levels (1.2707 – 1.2735 – 1.2783).

If the trend reverses again and the pair moves below the key levels, bearish momentum may develop. Intraday downside targets include classic Pivot supports at 1.2631 – 1.2583 – 1.2555.


Indicators Used:

  • Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
  • Lower Timeframes (H1): Classic Pivot Points + Moving Average 120 (weekly long-term trend).
Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
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

USD/CAD. Analysis and Forecast

The pair is attempting to attract buyers, but spot prices remain close to a yearly low and appear vulnerable to further decline. The Canadian dollar is supported by reports

Irina Yanina 15:33 2025-06-06 UTC+2

EUR/JPY. Analysis and Forecast

The EUR/JPY pair continues to demonstrate stable positive dynamics. Spot prices remain near a three-week high. Factors supporting the rise of EUR/JPY include disappointing data on household spending in Japan

Irina Yanina 11:21 2025-06-06 UTC+2

Forecast for EUR/USD on June 6, 2025

On Thursday, the EUR/USD pair continued its upward movement but made two rebounds from the 76.4% corrective level at 1.1454, suggesting a potential reversal in favor of the U.S. dollar

Samir Klishi 11:09 2025-06-06 UTC+2

Forecast for GBP/USD on June 6, 2025

On the hourly chart, the GBP/USD pair on Thursday rose to the resistance zone of 1.3611–1.3620, rebounded from it, and turned in favor of the U.S. dollar. A decline began

Samir Klishi 11:03 2025-06-06 UTC+2

Forex forecast 06/06/2025: EUR/USD, USD/JPY, SP500, Oil, Ethereum 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 09:51 2025-06-06 UTC+2

Forecast for EUR/USD on June 6, 2025

Yesterday, the ECB as expected cut key rates by a quarter point, bringing the refinancing rate to 2.15%. At the press conference, ECB President Christine Lagarde stated that rates have

Laurie Bailey 08:21 2025-06-06 UTC+2

Forecast for GBP/USD on June 6, 2025

GBP/USD Amid yesterday's brief optimism over the ECB's decision to cut rates and nearly complete the easing cycle, the pound almost reached the target level of 1.3635. Today began neutrally

Laurie Bailey 08:17 2025-06-06 UTC+2

Forecast for USD/JPY on June 6, 2025

As of this morning, the USD/JPY pair has found itself in a completely dual situation, with an equal likelihood of both growth and decline. Indicators suggesting growth include the price

Laurie Bailey 08:13 2025-06-06 UTC+2

Trading Signals for EUR/USD for June 6-10, 2025: buy above 1.1080 (200 EMA - 6/8 Murray)

The eagle indicator is showing a negative signal, so we believe that if the euro falls below the 6/8 Murray level in the coming hours, it will be seen

Dimitrios Zappas 07:04 2025-06-06 UTC+2

Trading Signals for GOLD (XAU/USD) for June 6-10, 2025: buy above $3,365 (21 SMA - 7/8 Murray)

On the other hand, gold is expected to undergo a technical correction. On May 30, it left a gap around 3,284, and if it consolidates below 3,350, it could likely

Dimitrios Zappas 07:01 2025-06-06 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.