16.11.202114:19 Forex Analysis & Reviews: EUR/USD analysis for November 16, 2021 - Strong downside momentum

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

EUR/USD has been trading downside as I expected. The momentum is very strong to the downside and there is potential for the bigger drop.

Trading recommendation:

Due to strong downside cycle on the EUR and good momentum, I see potential for the bigger drop towards the level of 1,1200/

Watch for selling opportunities on the rallies with the next downside target at 1,1200.

Stochastic oscilaltor is showing fresh bear cross on the weekly time-frame, which is good sign for further downside continuation.

Resistance is set at the price of 1,1510

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.