EURUSD Weekly Analysis (Nov 1)

EURUSD Weekly Analysis (Nov 1)

EURUSD Chart

Very bearish price action as the EURUSD closed Friday’s session sharply lower, forming a long bearish engulfing candle.

The most recent upside pullback was halted near the key shaded area on the chart. A confluence of horizontal resistance, the 50-day simple moving average, and the falling trend line for a potential descending channel.

The EURUSD trend remains bearish. Technically downside bias remains favored, where only a breakout back above that shaded area around 1.1700 would revive the chances for any significant bullish price action.

Next potential short-term targets at the 1.27 extension of the most recent minor pullback around 1.1480, followed by 1.1420.

Lu'ay Af.
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Lu'ay Af.
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