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EUR/USD: Technical Analysis | 5th November, 2020

EUR/USD: Technical Analysis | 5th November, 2020

  • Update Time : Thursday, November 5, 2020
  • 68 Time View
EUR/USD: Technical Analysis | November 26, 2020
EUR/USD: Technical Analysis | November 26, 2020

MarketDeal24.Com – The market went through ups and downs on Wednesday as traders are still undecided for the US election. The US dollar index is hovering around 93.50.

Aggressively rising from around 1.16, the price of EUR/USD moved above 1.17, currently trading in the region unchanged. Above the current level are the October opening level 1.1730, the August opening level 1.1771 and the 1.18 handle.

Price in weekly time frame is currently at support 1.1621. If the buy continues from this region, the price may go to opening level of 2018 at 1.2004, while if the price declines, price may go down to the opening level of 2019 at 1.1445.

We can also see in the daily time frame that the demand for the pair has increased above the support 1.1594 and 50.0% retracement ratio at 1.1582, where the price may go to 61.8% Fibonacci retracement ratio 1.1856 if the buy increases.

Important Things To Consider:

Looking at the technical support of the weekly and daily time frames, it seems that the H4 price could go above the October opening level of 1.1730 and target the August opening levels of 1.1771 and 1.18.

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