Technical Analysis & Forecast for November 2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a correction to 1.0633. A new fifth decline wave to 1.0125 could start now. Practically, the first structure of this wave is forming, targeting 1.0418. After the price reaches this level, it could correct to 1.0550 (a test from below) and then decline to 1.0277, from where the trend might continue to 1.0125.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has corrected to 1.2330. By now, the market has completed a structure of decline to 1.2121. A consolidation range is now forming around this level. A downward breakout will open the potential for a decline to 1.1925. Once the price hits this level, a link of correction to 1.2330 (a test from below) could develop, followed by a decline to 1.1550.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth wave, reaching 151.40. A consolidation range is expected to form below this level. Breaking it downwards, the price might correct to 147.90 (at a minimum). After the correction is over, a rise to 154.55 could follow. This is the primary target.