08.11.202215:20 Forex Analysis & Reviews: EUR/USD Technical Analysis and Trading Tips for November 8, 2022

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EUR/USD was trading near 1.0000 as of writing, also trying to gain a foothold in the zone above important short-term support levels 0.9883 (200 EMA on the 4-hour chart), 0.9905 (200 EMA on the 1-hour chart), 0.9920 (50 EMA on the daily chart).

In case of breaking through the local resistance level 1.0090, the upward correction will send EUR/USD towards the key resistance levels 1.0210 (144 EMA on the daily chart), 1.0390 (200 EMA on the daily chart). Below these levels, EUR/USD remains in the long-term bear market zone, which makes short positions preferable.

Therefore, when a sell signal appears, they should be resumed. The signal could be a breakdown of the above support levels 0.9883, 0.9905, 0.9920, and the nearest target is the local support level 0.9745.

In general, EUR/USD bearish momentum remains, and "from a fundamental point of view, we should expect a resumption of decline, at least, and as a maximum, a further fall of the pair towards 20-year lows, when it was trading near 0.8700, 0.8600."

Support levels: 0.9920, 0.9905, 0.9883, 0.9800, 0.9745, 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Resistance levels: 1.0090, 1.0100, 1.0210, 1.0390, 1.0500

Trading Tips

Sell Stop 0.9965. Stop-Loss 1.0045. Take-Profit 0.9920, 0.9905, 0.9883, 0.9800, 0.9745, 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Buy Stop 1.0045. Stop-Loss 0.9965. Take-Profit 1.0090, 1.0100, 1.0210, 1.0390, 1.0500

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