Technical Analysis of EUR/USD for November 6, 2023
November 6, 2023 8:26 amVideo
Latest News
- GBP/USD: trading plan for the US session on April 5th (analysis of morning deals) April 7, 2024
- EUR/USD: trading plan for the US session on April 5th (analysis of morning deals). The euro hit 1.0842 April 7, 2024
- Analysis and trading tips for USD/JPY on April 5 (US session) April 7, 2024
- Analysis and trading tips for GBP/USD on April 5 (US session) April 7, 2024
- Analysis and trading tips for EUR/USD on April 5 (US session) April 7, 2024
- EUR/USD: ECB may get ahead of the Fed April 7, 2024
- Video market update for April 05, 2024 April 7, 2024
- XAU/USD: what are odds of further growth after US NFPs April 7, 2024
- Forecast for EUR/USD pair on April 5, 2024 April 7, 2024
- GBP/USD. April 5th. Will Nonfarm Payrolls help the dollar? April 7, 2024
- Can Q1 earnings season refuel the equity market rally? – Stock Markets April 7, 2024
- Why is gold defying gravity? – Special Report April 7, 2024
- RBNZ may start laying groundwork for a rate cut – Preview April 7, 2024
- Week Ahead – ECB decision and US inflation to fuel FX volatility April 7, 2024
- Technical Analysis – GBPUSD loses steam above uptrend line April 7, 2024
- Technical Analysis – EURUSD trims earlier gains as clock ticks down to NFP April 7, 2024
- Market Comment – Fed hawks spook markets ahead of NFP April 7, 2024
- Technical Analysis – GBPJPY trades lower ahead of key market events April 7, 2024
- Technical Analysis – USDCAD ticks higher within ascending channel April 7, 2024
- Forex forecast 04/05/2024: EUR/USD, GBP/USD, SP500 and Bitcoin from Sebastian Seliga April 7, 2024
Technical Market Outlook:
The EUR/USD pair had bounced from the level of 1.0524 (lower channel line), broke out above the 50 and 100 MA zone around 1.0590 and hit the level of 1.0737 (upper channel line). The new local high was made at the level of 1.0747. The nearest technical resistance is located at the level of 1.0737 and 1.0770 and the intraday technical support is seen at the level of 1.0694. The next target for bulls is the technical resistance located at the level of 1.0770, but the market conditions on the H4 time frame chart are extremely overbought, so a pull-back lower is required first.
Weekly Pivot Points:
WR3 – 1.1043
WR2 – 1.0895
WR1 – 1.0813
Weekly Pivot – 1.0665
WS1 – 1.0583
WS2 – 1.0435
WS3 – 1.0353
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 17 weeks long now, but just recently the market started an internal upwards correction. The key weekly technical resistance is seen at the level of 1.0829. The RSI (14) indicator has just come back to the level of fifty.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: