top of page

Title : EURUSD Price Analysis: Slides to revisit the parity but further downside appears difficult

Writer's picture: analysiswatchanalysiswatch

November 08,2022 12:39 AM ET

By:AnalysisWatch


EURUSD refreshes its intraday low around the 1.0000 parity level heading into Tuesday's European session. As such, the major currency pair pulls back from eight-day highs while posting the first daily loss in three.


The latest price weakness could be related to overbought conditions on the RSI (14) and bearish signals on the MACD, which in turn suggest further downside for the pair.


However, an ascending support line from late Friday, near 0.9985 at the time of writing, restricts immediate declines in the EURUSD pair.


Next, the 61.8% Fibonacci retracement of the pair's decline between October 26 and November 3, near 0.9955, will challenge the bears.


However, it is worth noting that the 50-HMA pierced the 200-HMA from below and has already portrayed the "golden cross," suggesting further upside momentum for the pair.


Therefore, EURUSD buyers remain hopeful unless the price falls below the 200-HMA surrounding 0.9915.

Alternatively, recovery moves should cross the weekly high near 1.0030 to remind the bulls.


Still, the highs set in October and September, respectively near 1.0095 and 1.0200, could challenge the EURUSD pair's bullish moves.

2 views0 comments

Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page