FX.co ★ Technical analysis on EURUSD for November 3rd, 2023.

Red line -resistance

Black line- support

Blue lines- Fibonacci retracement levels

EURUSD is closing the week with a bullish signal. Price has broken above the red downward sloping resistance trend confirming the end of the downward wave from 1.1276 and at least the start of an upward correction. EURUSD has broken to new short-term highs. Price continued to respect the black support trend line and today we saw a break out above resistance. This break out will at least test the 38% Fibonacci retracement level at 1.0760. Our most probable upside target is at 1.0960 where we find the 61.8% Fibonacci retracement. Bulls are in control of the near term and after the 1.0760 we expect 1.0860 to be reached. Today's low at 1.0615 is key short-term support. Bulls do not want to see today's gains erased. This would be a bearish reversal sign.