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I used to have the tomtom watch which used to track my runs. It also had a setting where I could set a pace and it would inform me if I was running to fast or too slow. Can I do this with my fitbit?
You can't do this with default Exercise app. There are no any exercise targets to be set when you track run. Maybe there is an app somewhere that does that but I am not aware of it. Short answer is no.