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Christopher Lewis
EUR/USD daily chart, November 23, 2018

The Euro rallied a bit during the trading session on Thursday and what would have been somewhat thin trading as the Americans were not on board. However, I see a lot of resistance above I think this could end up being a nice selling opportunity. The 1.15 level will offer a certain amount of psychological resistance, as it was supported previously. It is a large, round, psychologically significant number, so I think at this point it’s likely that we will see a market that eventually will have sellers come back in.

EURUSD analysis Video 23.11.18

However, if we did break above the 1.15 level on a daily close, that could be a bullish sign and could send this market towards the 1.16 level after that. That’s an area that has resistance built in, and if we can break above there then I think the market goes to the 1.18 handle. Overall, I think that sellers will come back into this market though, and I suspect that we will probably see the 1.13 level sooner rather than later. Breaking down below the 1.15 level was significant, just as breaking below the 1.13 level was. Because of this, I think that we may go look towards the major support level at the 1.11 handle, so until things change that will be my main thesis, and I believe that it is only a matter of time before some negative headline comes out to spook the market. Remember, the US dollar is the ultimate safety currency.

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