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Christopher Lewis
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EUR/USD daily chart, November 28, 2019

The Euro fell again during the trading session on Wednesday, crashing into the 1.10 level, an area that of course will attract a lot of attention. By doing so it’s likely that the market will eventually break down through that barrier and go looking towards the 1.09 handle. This was exacerbated by the US figures that came out earlier in the day during New York trading that were so strong. Preliminary GDP came out stronger than anticipated Core Durable Goods came out better than anticipated, and Unemployment Claims came out better than anticipated. This of course had people running towards the US dollar.

Euro to Dollar Forecast Video 28.11.19

Beyond that, we have been in a downtrend for some time so it should not be a huge surprise to see this market continue to drift lower. Ultimately, I have no interest in trying to buy the Euro and I think that if we can break down below the 1.0980 level, it will bring in fresh sellers to reach down towards the 1.09 handle. Below there, then you start to look at the 1.0750 level which is an area that features a gap. That gap been filled would satisfy a certain amount of technical need and continue the overall trend. As far as the Fibonacci studies are concerned, we bounced all the way towards the 61.8% Fibonacci retracement level couple of weeks ago, and then fell right back down from it. If we were to pull back to the 100% Fibonacci retracement level, we could be looking at 1.0450 below. That’s a huge move, and quite frankly would probably take a significant amount of time but certainly technically viable at this point.

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