EUR/USD Forecast November 26 - 30 – Italy Irks The Euro, Inflation Now Eyed

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EUR/USD Technical Analysis

Euro/dollar moved up and down and was supported by the 1.1365 level (mentioned last week). It later recovered only to drop to lower ground.

Technical lines from top to bottom:

1.1815 was the high point in September.  1.1750 held the pair no less than four times in July and remains a powerful level.

1.1720 is a veteran line that worked in both directions and it capped the pair in mid-September. 1.1650 was a swing low in late August and is very closely followed by 1.1615 which played a pivotal role.

1.1500 is a very round level and also capped the pair’s advance in early November. 1.1430 separated ranges during October and later capped the pair in late November.

1.1350 played both roles in November: initially as support, then as resistance, and as support once again. 1.1300 is a round number that held the pair in mid-August and late October |double-bottom) and also held the pair down in June 2017.

1.1215 is the low point it reached in November. Lower, we are back to levels last seen in 2017. 1.1100 and 1.10 are notable.

I am bearish on EUR/USD

The global slowdown is looming and Europe is not in the best place to weather it. The ongoing Italian crisis is not going to be resolved anytime soon.

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