EUR/USD Exchanges 'Bearish'? Price Plunges 100 Pips At November Close

<p>&nbsp;The change in price direction on the main charts was shown in the closing trade of November yesterday driven by the movement of the US dollar currency.</p><p><br /></p><p>After shrinking until the beginning of this week, the US dollar showed a recovery since last Wednesday and continued on Thursday yesterday.</p><p><br /></p><p>Although the economic data of the United States (US) published in the New York session yesterday recorded a lackluster reading, the US dollar managed to strengthen following analysts seeing profit-taking activity on the previous position of the currency.</p><p><br /></p><p>On the chart of the EUR/USD currency pair, there are signs of a trend change occurring when the previous bullish pattern failed to continue.</p><p><br /></p><p>After the price increase reached the level of 1.10000 before, the price failed to break through the resistance zone and instead started to show a decline again yesterday.</p><p><br /></p><p>In addition to the bearish signal of the price falling below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart, the price has displayed a daily decline of around 100 pips yesterday reaching 1.08800.</p><p><br /></p><p>Price movement is seen to be slow around the 1.09000 zone continuing trading in the Asian session this morning at the early opening of December.</p><p><br /></p><p><br /></p><p>If yesterday's bearish pattern continues today, the price will likely aim to hit the focus zone again at 1.08000.</p><p><br /></p><p>However, analysts are of the view that investors should not be too early to expect a change in trend has occurred.</p><p><br /></p><p>There is still potential for prices to bounce back to resume previous gains if the US dollar returns to its previous decline heading into the FOMC meeting in December.</p><p><br /></p><p>If the price increase takes place, the resistance level at 1.10000 will be tested again after failing to be broken before.</p><p><br /></p><p>A move above that level and also the MA50 barrier would suggest a higher upside for the price.</p>