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16.11.2021 02:19 PM
EUR/USD analysis for November 16, 2021 - Strong downside momentum

Technical analysis:

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EUR/USD has been trading downside as I expected. The momentum is very strong to the downside and there is potential for the bigger drop.

Trading recommendation:

Due to strong downside cycle on the EUR and good momentum, I see potential for the bigger drop towards the level of 1,1200/

Watch for selling opportunities on the rallies with the next downside target at 1,1200.

Stochastic oscilaltor is showing fresh bear cross on the weekly time-frame, which is good sign for further downside continuation.

Resistance is set at the price of 1,1510

Summary
Urgency
Analytic
Petar Jacimovic
Start trade
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