EUR/USD Technical Analysis

Since reversing a months-long downward trend at the psychological level of 1.0500, EUR/USD has been trading within a broad range.

Technical Analysis
15 нояб. 2023 г.

Since reversing a months-long downward trend at the psychological level of 1.0500, EUR/USD has been trading within a broad range.

The pair has went lower from the 1.0750 area of interest, and it appears that the 4-hour Pivot Point line (1.0660) is holding off further EUR/USD selling, so we're going to be looking more closely at this pair today.

Will the EUR/USD pair recover from the 1.0660 turning point a third time and reach its 1.0750 peak again?

Bulls in EUR can profit from the consolidation occurring close to the present levels of EUR/USD and get ready for a potential rebound to the pair's historical highs.

If there is sufficient demand for EUR/USD, more bullish traders may target the 1.0850 inflection point or the R1 (1.0810) Pivot Point line.

But what if, in the ensuing trading sessions, EUR/USD breaks as a support?

The EUR/USD pair may fall lower to the S1 (1.0580) Pivot Point line, where the 100 and 200 SMAs are, if it trades and maintains its levels below the 1.0650 mid-range zone. If EUR/USD declines sufficiently over the next few days, we might potentially witness a retest of the 1.0520 range support!

Regardless of the bias you choose to trade, be sure you are aware of the typical daily volatility of EUR/USD and that you are up to current on the key players driving the market this week. You have to reduce the risks and increase the earnings, you know?

Robert Thompson

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