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Nov 24 - 08:55 PM

EUR/USD - Few Reasons To Fight The Downtrend - 1.1040 Beckons

By Andrew M Spencer  —  Nov 24 - 06:47 PM

  • Flat, closed -0.45% - USD led after strong U.S. data and hawkish FOMC

  • New German government - their agenda very important for Europe nL8N2SF1MQ

  • EU economic recovery undermined by COVID wave - vaccination key nL4N2SF2P6

  • Charts - 5, 10 & 21 day and week moving averages track south

  • 21-day Bollinger bands slide, while daily momentum studies fall

  • Bearish trending signals target 1.1040 76.4% 2020-2021 rise

  • Close above 1.1329 10 DMA is needed to undermine the downtrend

  • NY 1.1186 low and Europe 1.1255 high initial support and resistance

    For more click on FXBUZ


eur Nov 25 Click here

Source:
Refinitiv IFR Research/Market Commentary

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