EURUSD Slumps as Bears Take Charge of Its Momentum for the 4th Consecutive Day

EURUSD Price Analysis – November 25

The Euro slumped on Monday into early European trading, while unable to hold much of the recovery overnight, despite positive news, the dominant trend stays negative. At the same time, the bears face headwinds and may maintain prolonged consolidation, but should remain fully active while staying beneath the base of a daily horizontal level at 1.1055.

Key Levels

Resistance Levels: 1.1450, 1.1250, 1.1178
Support Levels: 1.0000, 1.0989, 1.0879

EURUSD Long term Trend: Bearish

At this moment, the rebound from the level at 1.0879 is considered a corrective move first. If there is a further increase, the increase should be limited to the retracement from the level at 1.1450 to 1.0879.

Whereas the downward trend since the level at 1.1450 (high) may resume at a later phase. Meanwhile, a sustained break of the level at 1.1412 may mitigate this bearish outlook and lead to a stronger increase in the retracement to the upper zone afterward.

EURUSD Short term Trend: Bearish

The EURUSD intraday bias stays down with support on the level at 1.0989. A break may reaffirm that the corrective hike from the low level at 1.0879 is over to the level at 1.1178. We must then see that the further fall retest the level of 1.0879 again.

Although on the upside, above the level at 1.1032, a minor resistance may first neutralize intra-day bias. But the risk may stay down as long as the resistance of the level at 1.1097 may stay intact, in case of recovery. Although the currency is experiencing a range in the short term, it could be a correction, as the long-term trend stays bearish.

Instrument: EURUSD
Order: Sell
Entry price: 1.1032
Stop: 1.1097
Target: 1.0879

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