EURUSD Buyers Re-Emerge From 1.15 Level As Bears Face Headwinds

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EURUSD Price Analysis – November 8

During the Monday session, the EURUSD stays on the offensive, the following rejection at the end of the prior week, signaling an initial reversal indication. As the session continues buyers re-emerge as sellers face headwinds from 1.1500 level. This week should be quieter than the previous one, but noteworthy risks include US inflation data, Fed and ECB comments.

Key Levels
Resistance Levels: 1.1704, 1.1640, 1.1604
Support Levels: 1.1525, 1.1422, 1.1250
EURUSD Long term Trend: Ranging
From a daily technical standpoint, the pair confirmed an initial bullish emergence through the 1.1550 mid-level and appears to be on track to extend its upward trajectory towards the 1.1600 upper resistance level. The EURUSD advance appears to have returned, as it is presently trading near the 1.1595 intraday high.

The advance from the 1.1513 level is detected as a likely return to the higher zone at the 1.1226 (high) level in the bigger context. Next, sustained traction might be seen at the 1.1600 level, which could lead to cluster resistance. As long as the 1.1550 support level holds, this will be the preferred scenario.
EURUSD Short term Trend: Ranging
The EURUSD is still consolidating from its low of 1.1513, and the intraday bias is neutral. If another dip occurs while range trading continues, the downside may be capped by the 1.1550 support level, allowing recovery to begin. On the downside, a break of the minor support level of 1.1525 might change the intraday bias to bearish and lead to consolidation before staging another surge.

On the four-hour chart, the EURUSD is benefiting from recent bounce, and the Relative Strength Index is past its midline 50. The currency pair corrected to the downside the previous time it happened last week. On the downside, only a close below the 1.1550 level will confirm that a temporary high has been established, and a bigger retreat towards the 1.1525 level is possible.

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