Analysis of the EURUSD Chart

١٧ نوفمبر ٢٠٢٣

Analysis of the EURUSD Chart

This week began with the EURUSD at 1.06847 levels. On Tuesday, a robust bullish momentum propelled the pair to 1.08800 levels. Following this surge, the pair entered a phase of lateral consolidation, fluctuating within the 1.08300-1.09000 range. An attempt was made yesterday to breach the 1.09000 level, but the ascent was halted at 1.08956, encountering resistance. Consequently, a pullback commenced, persisting in today's chart.

In the Asian trading session, the pair slightly surpassed the 1.08500 level. However, during the EU session, a breakout occurred below, causing the EURUSD to descend to the 1.08360 level. We are on the verge of testing the previous low at the 1.08300 level. A breakthrough below this point would establish a new low, affirming the prevailing bearish trend on the chart. Potential lower targets include the 1.08200 and 1.08000 levels.