FX.co ★ Technical Analysis of EUR/USD for November 3, 2022

Technical Market Outlook:

The EUR/USD pair had reversed all the weekly gains and extends the sell-off after the FED decided to hike the interest rate to 4.0% as expected. The bears are approaching the lower channel line located around the level of 0.9751 - 0.9737. Any breakout below this technical supports will extend the down move even more and will put the level of 0.9669 in view. In the longer term, the key technical resistance level is located at 1.0389 (swing high from August 11th), so the bulls still have a long road to take before the down trend reversal is confirmed.

Weekly Pivot Points:

WR3 - 1.00027

WR2 - 0.99756

WR1 - 0.99586

Weekly Pivot - 0.99485

WS1 - 0.99315

WS2 - 0.99214

WS3 - 0.98943

Trading Outlook:

The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows. In the mid-term, the key technical resistance level is located at 1.0389 and only if this level is clearly violated, the down trend might be considered terminated. Please notice, there is plenty of room to the downside for the EUR to go, all of the potential technical support level are very old and might not be much reliable anymore.