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06.11.202318:01 Analisis Forex & Kajian: Technical analysis on EURUSD for November 6th, 2023.

Exchange Rates 06.11.2023 analysis

Blue lines- Fibonacci retracement levels

Black line- support trend line

Red line- resistance trend line (broken)

EURUSD is trading around 1.0740. The week has started on a positive note, exactly as it has ended. Price made a new higher high today getting even closer to the first important Fibonacci retracement resistance at 1.0766. This is where we find the 38% Fibonacci retracement level. The RSI has not reached overbought levels yet. Price has upside potential at least towards 1.0766 where we find the 38% Fibonacci retracement. Momentum remains bullish in the near term. A break above 1.0766 will open the way for a move higher towards the next Fibonacci retracement level at 1.0860. Short-term support is found at 1.0647 where the red trend line is found. Previous resistance is now support.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Alexandros Yfantis,
Analytical expert of InstaSpot
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