12.11.202110:03 Forex Analysis & Reviews: EUR/USD on declining path

Exchange Rates 12.11.2021 analysis

EUR/USD To Reach Support!

The EUR/USD pair dropped deeper as expected after ignoring the 1.1527 and 1.1513 downside obstacles. The former lows were seen as support levels. Now, the currency pair stands within a down-channel pattern.

As long as it stays within this formation, below the downtrend line, EUR/USD is expected to resume its downwards movement. Still, you should be careful as the channel's downside line represents a support level, the downside movement could be stopped by this line.

EUR/USD Trading Conclusion!

Dropping below 1.1513 former low was seen as a selling opportunity. The immediate downside target is at the channel's downside line. The next potential obstacle, a downside target could be represented by the 1.1400 psychological level.

A minor rebound, a temporary growth could help the sellers to catch a new downside movement towards 1.14 or even lower.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Chuyên gia phân tích của InstaForex
© 2007-2022
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