FX.co ★ Short-term EURUSD analysis for November 8th, 2022.

Red lines- bearish channel

Blue line - support trend line

EURUSD is trading around parity. Short-term trend remains bullish as price continues making higher highs and higher lows. Price remains inside the medium-term bearish channel and is now challenging the upper channel boundary. Price is very close to channel resistance at 1.0075. As long as price is below this level, EURUSD is vulnerable to more downside. Short-term support is at 0.9973 and next at 0.9918. The most important support is at 0.9780 where we find the upward sloping support trend line from the 2022 lows. Bulls need to hold above this level in order to hope for a bigger trend reversal. A break below 0.9780 and the blue trend line will open the way for a decline towards 0.92.