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#1 28-11-2019 18:16:56

Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2713

EUR/USD: the pair's outlook appears bearish, what is the next target?

EUR/USD: the pair's outlook appears bearish, what are the next targets?

The eurodollar pair is still showing an overall downward trend in the short term.

The euro certainly tried to make progress on Thursday, reaching a daily high of 1.1017, but did not cross any significant threshold, and was quickly sent back down, threatening to fall below the key psychological threshold of 1.10.

For the record, this was already the case on Wednesday, with the first test below this key threshold for about two weeks and a low of 1.0991.

In addition to the round 1.1000 threshold, this minimum reached on Wednesday will also be considered as a potential support level, ahead of the November 14 low at 1.0988, then 1.0950, 1.0925, 1.09 and the 1-year low at 1.0880.

On the upside, it should be noted that the 100-hour moving average, which clearly stopped yesterday morning's rise, will be considered as an immediate resistance level, currently at 1.1015. The 200-hour moving average at 1.1045 will be the next obstacle, before the 100-day moving average at 1.1080, and the psychological threshold of 1.11.

As far as potential catalysts in the news are concerned, it will be necessary to wait until later today, with the preliminary October consumer price index for the euro zone, to take note of the next potentially influential indicator for the eurodollar pair.

Currently, the EUR/USD pair is trading around 1,1008 on the forex.

EUR/USD hourly chart

"Anything worth having is worth going for - all the way." - J.R. Ewing



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