08.11.202309:41 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 8, 2023

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Technical Market Outlook:

The EUR/USD pair has been seen continuing the pull-back lower towards the yesterdays low seen at the level of 1.0666. The nearest technical resistance is located at the level of 1.0694 and 1.0757 and the intraday technical support is seen at the level of 1.0668. In a case of a breakout lower, the next target for bears is seen at the level of 1.0649 (the intraday trend line support) and 1.0615. The momentum is neutral, but there is still the room to the downside, so the pull-back would likely be continued lower soon.

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.

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