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Nov 18 - 07:55 PM

EUR/USD - Bounce A Healthy Correction - Trend Remains Lower

By Andrew M Spencer  —  Nov 18 - 06:11 PM

  • Touch softer after closing up 0.5% - profit taking and bargain hunting

  • No significant positive European news or data, so a technical bounce

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

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

  • Bearish trending signals target a sustained 1.1290 break, 61.8% 2020-21 rise

  • This week's 1.1263 low then 1.1040 76.4% 2020-2021 rise longer term targets

  • Close above 1.1430 10 DMA would flag caution to trend - above 1.1520 bullish

  • Friday's close strikes- 1.1350/55 423MLN, 1.1375 780MLN and 1.1390/00 822MLN

    For more click on FXBUZ


eur Nov 19 Click here

Source:
Refinitiv IFR Research/Market Commentary

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