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05.11.202110:32 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 5, 2021

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Technical Market Outlook

The EUR/USD pair has made new local low at the level of 1.1528 and bounced slightly as the market participants await the NFP-Payrolls data (NFP-Payrolls data are scheduled for release at 2:30 PM today). The larger time frame trend remains down and any violation of the technical support located at 1.1501 will be negative for bulls in the short-term. On the other hand, the nearest technical resistance is located at 1.1613, so this level need to be broken before bull might try to break higher towards the level of 1.1624 and above. Nevertheless, despite the bounce, the momentum is hardly positive, so the bears are still in control of the market.

Weekly Pivot Points:

WR3 - 1.1790

WR2 - 1.1742

WR1 - 1.1638

Weekly Pivot - 1.1584

WS1 - 1.1479

WS2 - 1.1425

WS3 - 1.1310

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1501, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

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