FX.co ★ EURUSD short-term analysis for November 16, 2021.

EURUSD is trading just above 1.13. Trend remains bearish. Price is now almost at our 1.13-1.12 target area after breaking below 1.1535. In the Daily chart price has reached the lower channel boundary, the RSI is making new lows at oversold levels.

EURUSD is making lower lows and lower highs. Price is breaking below the channel boundary. With RSI making new lows, I do not expect the downward move that started from 1.1690 to be over soon. Yes a bounce will come and could come by the end of the week, but I believe it would just be a countertrend bounce before we see more downside.