07.11.202310:24 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 7, 2023

Technical Market Outlook:

The EUR/USD pair had hit the upper channel line seen at the level of 1.0737 and then reversed sharply lower. The new local high was made at the level of 1.0757, but a Bearish Engulfing candlestick pattern was made at the top of the move. The nearest technical resistance is located at the level of 1.0757 and 1.0770 and the intraday technical support is seen at the level of 1.0694. The next target for bulls is the technical resistance located at the level of 1.0770, but the market conditions on the H4 time frame chart are extremely overbought, so a pull-back continuation is in progress.

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.