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EUR/USD Price Analysis: Interim contention emerges near 1.0650

octa | 2023-11-09 14:06

Abstract：EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.

- EUR/USD comes under pressure following Mondays tops.

- Further decline could revisit the 1.0650 zone in the near term.

EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.

In case the downward bias picks up extra pace, the pair could extend the pullback to the 55-day SMA near 1.0650, which is expected to provide temporary contention.

In the meantime, while below the 200-day SMA at 1.0804, the pairs outlook should remain negative.

EUR/USD daily chart

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Company name：Octa Markets Cyprus Ltd

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Website：https://www.octafx.eu/

5-10 years | Regulated in Cyprus | Market Making License (MM) | MT4 Full License

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