FX.co - EUR/USD analysis for November 11, 2021 - Downside trend in control with no signs for reversal

11 November 2021 at 1:11PM (UTC+0)

Relevance until12 November 2021 at 1:11PM (UTC+0)

Technical analysis:

EUR/USD analysis for November 11, 2021 - Downside trend in control with no signs for reversal

EUR/USD has been trading sideways today at the price of 1,1463 but I see potential for further downside movement.

Trading recommendation:

I see potential for the downside continuation and another breakdown.

Watch for selling opportunities on the rallies with the next downside targets at 1,1427 and 1,1370.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the bearish continuation.

Resistance level is set at 1,1488

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

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for November 11, 2021 - Downside trend in control with no signs for reversal