Technical analysis for EUR/USD pair on November 17, 2021

The EUR/USD pair's downward impulse, which began this spring, is breaking records. A similar decline was observed in 2018 when the weakening was 10%.

At present, the decline is already 8.5% from this year's high, which indicates either the huge strength of market sellers or the huge desire of the central bank to see the Euro cheaper. In any case, this should be used in order to look for opportunities to sell this pair. This should not be done at the current levels, but any growth should be considered as a correction and look for patterns to sell the instrument.

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It is worth noting that the pair has gone beyond the average zone for the second week in a row. This indicates that volatility is growing and it will be extremely problematic to deploy such a downward impulse. Therefore, the best solution would be to join sellers at more favorable prices.

The material has been provided by InstaForex Company - www.instaforex.com

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