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21.11.202404:49 Forex Analyse & Reviews: Forecast for EUR/USD on November 21, 2024

Relevance up to 21:00 2024-11-21 UTC--5

On Wednesday, the euro hesitated to escalate its attempt to hold above the 1.0636 level. Under slight pressure from the Marlin oscillator, which preemptively signaled a reversal, the euro turned downward toward the 1.0483 support. The bears are likely to intensify their push for the target range of 1.0449/83.

Exchange Rates 21.11.2024 analysis

If the price stabilizes within this range, a convergence with the Marlin oscillator could form, potentially initiating a deeper correction toward the 1.0724/77 range. Should the price extend its movement to test the weekly scale target range of 1.0385-1.0418, the reversal into correction would follow a different technical setup. There is also a third scenario—if the price consolidates below 1.0385, it could continue its downward trajectory. Current sentiment in the equity markets aligns with this possibility.

Exchange Rates 21.11.2024 analysis

On the H4 chart, the price has returned below the balance line, with the Marlin oscillator moving into negative territory. The price will likely attempt to breach the bearish target range of 1.0449/83.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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