EURUSD Forex Analysis for Today, Wednesday (01-11-2023)

EURUSD Forex Analysis for Today, Wednesday (01-11-2023)

EURUSD Forex Analysis for Today, Wednesday (01-11-2023)

Bearish Bias Dominates EURUSD Movement

EURUSD Analysis – The strengthening of the US dollar ahead of the Fed meeting is affecting the EURUSD movement. EURUSD is moving downwards, testing the support area.

Today’s Trading Strategy:

  • If the resistance area at 1.05929 – 1.06252 is breached, it has the potential to drive EURUSD up to the range of 1.06855 – 1.06948.

Alternative Scenario:

  • If the resistance area at 1.06252 – 1.06948 fails to be breached, it may press GBPJPY down to the range of 1.05172 – 1.04752.

Resistance Levels:

  • R1: 1.06252
  • R2: 1.06948
  • R3: 1.07394

Support Levels:

  • S1: 1.05172
  • S2: 1.04752
  • S3: 1.04428
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