EURUSD Wave Analysis 27 November 2024

– EURUSD reversed from support area

– Likely to rise to resistance level 1.0620

EURUSD currency pair recently reversed up from support area located at the intersection of the long-term support level 1.0455 (previous yearly low from 2023) and the lower weekly Bollinger Band.

The upward reversal from the support level 1.0455 will form the weekly Bullish Engulfing if the pair closes this week near the current levels.

Given the oversold weekly Stochastic and the strength of the support level 1.0455, EURUSD currency pair can be expected to rise to the next resistance level 1.0620 (former support from May).