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Christopher Lewis

The Euro has rallied slightly during the trading session on Tuesday, reaching towards 1.19 level. At this point in time if we see any sign of exhaustion it is likely to be a nice selling opportunity. At this point in time, there is plenty of exhaustion above that will probably jump into the market and push the Euro back down. After all, the Euro Central Bank is likely to do a bit of loosening soon, as the next meeting will be showing this. At this point, the market is likely to see whether or not the momentum can continue, and at the first signs of weakness am pretty sure that traders will jump all over this.

EUR/USD Video 18.11.20

Looking at the market, I recognize that the 50 day EMA underneath as a potential support level, and if we reach down towards that area, we could very well have buyers coming into the market. However, if we break down below there then it is likely that we go down towards the 1.16 level which is the bottom of the overall consolidation range that we have been in. One thing I think we can count on though regardless of what happens next is that the Euro will continue to be very noisy in general so I do think that you will get an opportunity to trade on short-term charts more than anything else. As far as longer-term trades are concerned, I think we still have to wait for the pair to prove itself.

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