FX.co ★ Short-term analysis on EURUSD for November 5, 2021.

EURUSD made a new lower low today at 1.1514. Price broke below the horizontal support level but only briefly, as the Daily candlestick reversed and price is now well above the horizontal support.

Red line - horizontal support

EURUSD is showing reversal signs. Price made a new low but the RSI did not. The RSI is providing a bullish divergence. Price tested 1.1515-1.1530 area twice and both times price reversed and did not close below 1.1530. These are signs of an imminent trend reversal. Most probable bounce target is the upper channel boundary at 1.17. For now we focus on the 1st important resistance which is at 1.1620.