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FX.co ★ November 16, 2023 : EUR/USD Intraday technical analysis and trading plan.

November 16, 2023 : EUR/USD Intraday technical analysis and trading plan.

November 16, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EURUSD pair broke above the key level of 1.0550-1.0600 and continued its bullish trend towards 1.1000 and 1.1200.

The bulls reached the resistance zone around 1.1200 but failed to sustain the momentum.

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Meanwhile, the bears pulled back the price towards 1.0950 where the pair met the short-term uptrend line.

The price reversed from this level and started to drop towards 1.0800, which acted as a temporary daily support before further downside movement.

The EUR/USD pair broke below the uptrend line and confirmed the bearish trend. Since then, the EUR/USD pair has been falling for a week before it could reach its next target around 1.0450, where several support levels existed.

On the other hand, any bullish correction towards 1.0850-1.0900 could be a good opportunity to sell (backside of the broken uptrend line).

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