EURUSD Forex Analysis for Today – Thursday, November 2, 2023

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EURUSD Correction, Bearish Outlook Persists

Analysis of EURUSD – The pressure on the US dollar following the Fed meeting has influenced the movement of EURUSD. The EURUSD has rebounded, heading towards the resistance zone.

Today’s Trading Strategy:

There is a possibility to SELL EURUSD today as long as it does not breach the upper range of 1.05929 – 1.06252, with the potential to decline to the range of 1.04999 – 1.04757.

Alternatives:

A breakthrough of the resistance zone at 1.05929 – 1.06252 has the potential to push EURUSD higher towards the range of 1.06860 – 1.06953.

Resistance Levels

• R1: 1.06252
• R2: 1.06953
• R3: 1.07394

Support Levels

• S1: 1.04757
• S2: 1.04428
• S3: 1.03987

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