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Morning Market Analysis 23 November 2020



The positive performance of the pair continues with steady trading above the 50-day moving average and the highest area that keeps chances of reaching the 0.74 top valid until now.


The pair is now trading positively, steadily above the 50-day moving average, and the pair appears positive on the momentum and relative strength index, with the pair's attempt to rise towards 123.7.

Failure to rise above 123.7 will push the pair to the bottom of the 122.83 demand area


The supply area continues to be a strong resistance area since the end of last week, as the pair tries to rise above that area and still so far keeps staying above the 50-day moving average, the chances of the pair remain to rise and re-target the 1.1893 high.


Despite the negative performance of the pair, the stability of trading above the bottom of the demand area 103.64 confirms the strength of the current support and demand area. Therefore, we do not recommend selling at the moment and waiting for the pair to rise above the 50-day moving average and rise to build new long positions with targets around 104.50

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