EUR/USD Daily Chart Analysis For Week of Nov 1, 2024
Technical Analysis and Outlook:
The Eurodollar surpassed our Mean Resistance level of 1.083 during this week's trading session, demonstrating enough strength to initiate a robust interim rebound. However, ongoing selling pressure has pushed the Eurodollar back down to our Mean Support level of 1.083, which now acts as the inverse of the previous resistance. The Euro will likely decline further, potentially hitting the Inner Currency Dip of 1.075 through Mean Support at 1.078. This price action will be significant and trigger an interim rebound to the newly established Mean Support level of 1.082.
The Eurodollar surpassed our Mean Resistance level of 1.083 during this week's trading session, demonstrating enough strength to initiate a robust interim rebound. However, ongoing selling pressure has pushed the Eurodollar back down to our Mean Support level of 1.083, which now acts as the inverse of the previous resistance. The Euro will likely decline further, potentially hitting the Inner Currency Dip of 1.075 through Mean Support at 1.078. This price action will be significant and trigger an interim rebound to the newly established Mean Support level of 1.082.
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