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EUR/USD: Weekly Technical Analysis | 2nd - 6th November, 2020

EUR/USD: Weekly Technical Analysis | 2nd – 6th November, 2020

  • Update Time : Sunday, November 1, 2020
  • 112 Time View
EUR/USD: Technical Analysis | November 20, 2020
EUR/USD: Technical Analysis | November 20, 2020

Weekly Time Frame:

The euro depreciated by about 2% against the US dollar last week, making it unlikely that the price would reach to 2018 opening level 1.2004.

The euro depreciated by making almost full body bearish candles and closed just above support 1.1621. Although the price may rise from that support level this week, if the sell rises, the price may move to the 2019 opening level of 1.1445.

Daily Time Frame:

The sellers strengthened their position from 61.8% Fibonacci retracement ratio at 1.1856 by making daily bearish candles for five consecutive days. As a result, everyone is looking at the support level 1.1594 and the 50.0% retracement ratio 1.1582.

If the above mentioned support levels are broken, there are support in 1.1495 level and the 38.2% Fibonacci retracement ratio at 1.1514. This region also has AB = CD correction (green arrows) 1.1476 and 1.618 BC projection 1.1442.

H4 Time Frame:

The US dollar appreciated as the risk in the market increased on Friday and EUR/USD fell below the 1.17 handle. If the pressure increases a little, the price can go to Quasimodo support 1.1626 and 1.16 handles.

The four-hour Quasimodo and weekly support are at 1.1621 together, and the daily support is at 1.1594, below 1.16, with a 50.0% retracement ratio of 1.1582.

Important Things To Consider:

Overall the EUR/USD pair is looking for a support from which the price can be recovered this week.

The four-hour Quasimodo support 1.1626 and the weekly support 1.1621 will serve as solid support this week.

50.0% retracement ratio 1.1582 and support level 1.1594 will act as a strong support zone this week.

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