Mon, Nov 29, 2021 @ 11:24 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1514; (P) 1.1542; (R1) 1.1559; More

Intraday bias in EUR/USD is mildly on the downside with breach of 1.1528 temporary low. Current decline from 1.2265 would target 1.1289 medium term fibonacci level next. On the upside, break of 1.1639 resistance, however, will indicate short term bottoming. intraday bias will be turned back to the upside for stronger rebound.

In the bigger picture, sustained break of 1.1602 will argue that rise from 1.0635 (2020 low) has completed at 1.2348. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289. Note also that rejection by 55 week EMA (1.1830) also carries medium term bearish implication. Firm break of 1.1289 will pave the way to retest 1.0635 low. On the upside, though, break of 1.1908 resistance will revive medium term bullishness and turn focus back to 1.2348 high.

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