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EUR/USD Daily Analysis 18-NOV-2022

EUR/USD Daily Analysis

EUR/USD dips lower as consolidation from 1.0481 continues and intraday bias stays neutral. The downside of retreat should be contained by 1.0092 resistance turned support to bring another rally. A break of 1.0481 will resume the rise from 0.9534 and target the 1.0609 Fibonacci level.

In the bigger picture, a medium-term bottom was in place at 0.9534, on a bullish convergence condition in daily MACD. Even as a corrective rise, a rally from 0.9534 should target a 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55-week EMA (now at 1.0566) will raise the chance of trend reversal and target a 61.8% retracement at 1.1273. This will now remain the favored case as long as 1.0092 resistance turned support holds.

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