Technical analysis on EURUSD for November 6th, 2023.
November 6, 2023 5:23 pm
Blue lines- Fibonacci retracement levels
Black line- support trend line
Red line- resistance trend line (broken)
EURUSD is trading around 1.0740. The week has started on a positive note, exactly as it has ended. Price made a new higher high today getting even closer to the first important Fibonacci retracement resistance at 1.0766. This is where we find the 38% Fibonacci retracement level. The RSI has not reached overbought levels yet. Price has upside potential at least towards 1.0766 where we find the 38% Fibonacci retracement. Momentum remains bullish in the near term. A break above 1.0766 will open the way for a move higher towards the next Fibonacci retracement level at 1.0860. Short-term support is found at 1.0647 where the red trend line is found. Previous resistance is now support.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
Black line- support trend line
Red line- resistance trend line (broken)
EURUSD is trading around 1.0740. The week has started on a positive note, exactly as it has ended. Price made a new higher high today getting even closer to the first important Fibonacci retracement resistance at 1.0766. This is where we find the 38% Fibonacci retracement level. The RSI has not reached overbought levels yet. Price has upside potential at least towards 1.0766 where we find the 38% Fibonacci retracement. Momentum remains bullish in the near term. A break above 1.0766 will open the way for a move higher towards the next Fibonacci retracement level at 1.0860. Short-term support is found at 1.0647 where the red trend line is found. Previous resistance is now support.
The material has been provided by InstaForex Company – www.instaforex.com
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