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Christopher Lewis
EUR/USD daily chart, November 26, 2018

The Euro initially tried to rally during trading on Friday but then turned around to show signs of weakness. We have wiped out the bottom of the past couple of days, and that shows that we are more than likely going to continue to go much lower. I think the 1.13 level will be the initial target, and then perhaps even the 1.11 level. It’s obvious to me that above the 1.14 level there is a lot of resistance and I think it will continue to keep this market lower. Needless to say, if we were to break above the 1.15 level, then the market could go much higher as it would be a major break out.

EUR/USD Video 26.11.18

The market continues to drift to the downside due to the Brexit situation, the Italian debt situation, and quite frankly poor economic numbers coming out of the European Union. The US dollar gets a bit of a boost due to the interest rates coming down the road, and even if they aren’t, that shows just how bad the global situation could get. Either way, it looks as if the Euro is going to struggle a bit, so I think it’s only a matter of time before rallies can be sold and I believe that the markets will continue to be choppy with a negative slant.

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However, if we broke above the 1.15 handle, the initial target is going to be the 1.16 level after that, and then eventually the 1.18 level. That’s the least likely scenarios right now, at least not without some type of major headline or shift in risk sentiment.

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