EURUSD Daily Analysis (Nov 22)

EURUSD Daily Analysis (Nov 22)

EURUSD daily chart 2021 11 23
EURUSD daily chart

The EURUSD maintained the bearish trend, extending the downside below the targets mentioned in the prior analysis post.

The pair is trading below the 61.8 percent Fibonacci retracement for the overall bullish wave A-B. Few days ago, the price formed a dragonfly doji bullish reversal candlestick at the 61.8 level, but failed to sustain the upside rebound and broke below the candle’s low yesterday. Indicating strong bearish momentum.

Technically, the downside bias is dominant and may extend, approaching a potential support area around 1.1150.

Short term resistance levels that may halt any upside pullback reside at 1.1265 and 1.1300. Only a break back above 1.1365 would signal a retest of 1.1500 level again.

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