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29.11.202322:56 Forex Analysis & Reviews: November 29, 2023 : EUR/USD Intraday technical analysis and trading plan.

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.

Exchange Rates 29.11.2023 analysis

Since March 2023, the EUR/USD pair has been following an uptrend line, reaching higher peaks around (1.1080 and 1.1260) and higher valleys around (1.0520 and 1.0650).

However, in July 2023, the pair failed to maintain its bullish momentum and bounced back from the resistance zone near 1.1270, falling below 1.1050.

The pair continued to decline and broke the uptrend line in August 2023, reaching the next target near 1.0450, where it found some previous demand levels.

This triggered another bullish wave that lasted for several weeks, pushing the pair towards the current level of 1.0990.

The pair is likely to keep rising until it hits 1.1050, where it may face either a short-term or a long-term bearish correction.

Therefore, selling the EUR/USD around 1.1050 (the backside of the broken uptrend line) could be a good opportunity, with Stop Loss Levels just above 1.1170. The expected bearish target levels are 1.0840 and 1.0670.

Mohamed Samy
Analytical expert of InstaForex
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