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21.11.2023 03:57 PM
Technical analysis on EURUSD for November 21st, 2023.

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Blue lines- Fibonacci retracement levels

EURUSD is trading around 1.0958 as expected by our previous analysis. EURUSD has reached the key Fibonacci retracement level of 61.8%. This is important short-term resistance. The chances of a pull back from these levels are high. The RSI has reached overbought levels in the Daily chart. In the 4 hour chart we already got a bearish RSI divergence. Traders need to be very cautious as we usually see trend reversals around the 61.8% Fibonacci level. So far there is no such a reversal visible or any sign of a rejection. At current levels bulls should better protect their gains. If bulls manage to break above 1.0960 and stay above it, we could see an extension to the upside towards 1.1095.

Summary
Urgency
Analytic
Alexandros Yfantis
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