Hi traders, I am very much excited to share my analysis of the EURUSD pair on the first week of November,
I made this analysis after the FOMC meeting on 03 rd November 2022,
EURO against the Dollar pair touches the 5 Weeks high on 27 th October at the closest price level of 1.1000,
The bearish outlook continues right from the month’s end and
it continues in the first week of November the first week is studded with heavy news releases
around the globe,
We did not see any change in the downward momentum even after FOMC releases,
The dollar gains strength again with a 75 bps rate increase during the FOMC minutes,
and Weekend also waiting for ISM Non-manufacturing PMI and NFP news release on Friday evening.
Expected to see a further low and the price could travel down toward the 0.97000 zone,
Technical analysis suggests that the coming days could be the good one for EURUSD,
If the bulls take control on 0.97000, a Triple bottom pattern may form in EURUSD, which could push the price upwards, This analysis is only tentative not a confirmed one
The last 45 days' movement clearly shows this pair respecting an upward channel and If we have a pattern confirmation too, then Bull may rage in this pair.
Thank you traders for watching this
The analysis only for Education purposes