Categories: Technical analysis

EURUSD Wave Analysis 11 November 2024

– EURUSD under bearish pressure

– Likely to fall to support level 1.0600

EURUSD currency pair is under bearish pressure after the earlier breakout of the key support level 1.0685, which has been reversing the price from the middle of June.

The breakout of the support level 1.0685 should strengthen the bearish pressure on this currency pair.

Given the simultaneously bullish USD sentiment and the bearish Euro sentiment seen across the FX markets today, EURUSD currency pair can be expected to fall to the next support level 1.0600 (former strong support from April).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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