Technical analysis on EURUSD for November 7th, 2023.
November 7, 2023 4:22 pm
Blue lines- Fibonacci retracement levels
EURUSD is trading around 1.0676. Yesterday’s daily candle was a shooting star pattern and today price is making a pull back. Bulls were unable to push price above the 38% Fibonacci retracement resistance level. Price got rejected at the Fibonacci retracement and is now under pressure. Resistance remains key at 1.0763. Bulls need to break above this level in order to hope for a bigger bounce towards the next Fibonacci retracement level. Short-term support is found at 1.0640 and next at 1.0520. Bulls do not want to see price break below 1.0520. That would be a bearish sign.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
EURUSD is trading around 1.0676. Yesterday’s daily candle was a shooting star pattern and today price is making a pull back. Bulls were unable to push price above the 38% Fibonacci retracement resistance level. Price got rejected at the Fibonacci retracement and is now under pressure. Resistance remains key at 1.0763. Bulls need to break above this level in order to hope for a bigger bounce towards the next Fibonacci retracement level. Short-term support is found at 1.0640 and next at 1.0520. Bulls do not want to see price break below 1.0520. That would be a bearish sign.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: