FX.co ★ Technical Analysis of EUR/USD for November 13, 2023

Technical Market Outlook:

The EUR/USD pair has bounced from the technical support located at the level of 1.0661 and is currently back inside a narrow trading range again. The nearest technical resistance is located at the level of 1.0726 and the intraday technical support is still seen at the level of 1.0657. In a case of a breakout lower, the next target for bears is seen at the level of 1.0649 (the intraday trend line support) and 1.0615. The momentum is hovering up and down around the neutral level of fifty, so neither bulls nor bear are in control of the market on the H4 time frame chart for now.

Weekly Pivot Points:

WR3 - 1.0842

WR2 - 1.0799

WR1 - 1.0742

Weekly Pivot - 1.0699

WS1 - 1.0642

WS2 - 1.0599

WS3 - 1.0542

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 18 weeks long now, but just recently the market started an internal upwards correction. The key weekly technical resistance is seen at the level of 1.0829. The RSI 14) indicator has just come back to the level of fifty.