EURUSD Under Pressure Finds Modest Support at the 1.1546 Level

EURUSD Price Analysis – November 1

Following the largest daily loss since mid-June, the EURUSD has been stuck at 1.1546. As the US dollar reverses Friday’s big gain amid rising market sentiment, the pair is trying to extend its recovery from two-week lows of 1.1535. The ISM Manufacturing PMI for October came in slightly higher than expected. Following this news, the US Dollar Index rose marginally and unchanged for the day.

Key Levels
Resistance Levels: 1.1804, 1.1704, 1.1602
Support Levels: 1.1550, 1.1500, 1.1422

EURUSD Long term Trend: Bearish
As long as the 1.1909 resistance level persists, the full downturn from the 1.2350 (Jan 2021 high) level may still be in effect. Level 1.1422 is the next goal (low). Nonetheless, a sustained return past the 1.1600 level could signal the end of this current trend.

The corrective trend from level 1.1850, on the other hand, will be maintained with a new recovery above the 1.1602 level. Although the upside at 1.1692 prior week high will be limited by a rebound from 1.1535 towards the 1.1640 level.

EURUSD Short term Trend: Ranging
EURUSD’s intraday tendency is neutral for consolidation from level 1.1550 level. Another rally could occur, but a pullback from 1.1692 to 1.1535 at the 1.1602 level should restrict the upside potential.

On the downside, a break of the 1.1550 level could lead to a broader bearish trend. However, a deeper pullback up to the 1.1535 and 1.1500 levels may necessitate a break over the 1.1602 resistance level.

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