EUR/USD Medium-Term Analysis: Daily Chart Breakdown & FxForecast

In this analysis, we're laying out our strategy for the Euro (EUR) against the U.S. Dollar (USD) for the coming weeks and months on how we'll be trading this pair, taking into account monthly chart long-term Fibonacci support and resistance levels, together with daily price action analysis and current supply and demand levels in this market. We'll be tracking price action closely making updates on each daily candle and a short summary on each weekly closes. The market is currently bound by a range between the monthly 0.618 & 0.5 levels.

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Comment:

2020/11/10 Update #1: Daily candle closes just above the 0.382 on the daily Fibonacci, currently serving as a minor support, signaled by the white-doji candle for the day. The open candle is making highs, support at 0.382 is holding, though there's monthly 0.5 just above as major resistance.

Comment:

2020/11/11 Update #2: Daily candle closes just above the 0.382 on the daily Fibonacci, still holding as minor support, after being pressured to the downside by the blue-bar candle for the day. The new candle just opened, but there's no clear indication that the support level will hold, we're waiting.