FX.co ★ EURUSD analysis for November 3rd, 2022.

Red lines- bearish channel

Blue line- bullish divergence

Following yesterday's FOMC and the aftermath of Jerome Powell's hawkish remarks, EURUSD remains under pressure. Price remains trapped inside the medium-term bearish channel making lower lows and lower highs on a weekly time frame. EURUSD remains vulnerable to a move lower towards new lows and the 0.93 level. As long as price is inside the bearish channel and below 1.01 we remain bearish. The RSI is providing bullish divergence signals but this is only a warning and not a reversal signal.