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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