FxNews—The EUR/USD downtrend resumed after the price tested the bearish Fair Value Gap. As of this writing, the currency pair trades at approximately $1.068, testing last week’s low as resistance.
EURUSD Technical Analysis – 11-November-2024
As for the technical indicators, the Stochastic and RSI 14 are nearing oversold territory, meaning the EUR/USD price has the potential to consolidate at this point. Furthermore, the Awesome Oscillator signals divergence in its histogram when it is in red and below the signal line, indicating that while the primary trend is bearish, the price has the potential to bounce or consolidate.
Overall, the technical indicators suggest that while the primary trend is bearish, EUR/USD is oversold; hence, a consolidation phase could be on the horizon.
EURUSD Forecast – 11-November-2024
The critical resistance level rests at the June 21 low, the 1.066 mark. From a technical perspective, it is likely that the EUR/USD price dipped to $1.066 and then began a consolidation phase.
Furthermore, if bears push the price below $1.066, a new bearish wave will likely be triggered, which could extend to April 6 at $1.060.
- Support: 1.066 / 1.06
- Resistance: 1.076 / 1.084
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
