EURUSD Wave Analysis – 3 November, 2022

• EURUSD under bearish pressure

• Likely to fall to support level 0.9700

EURUSD currency pair under the bearish pressure after the price broke the support trendline of the daily up channel from October.

The breakout of this up channel coincided with the breakout of the 50% Fibonacci correction of the C-wave of the earlier ABC correction (4).

Given the overriding daily downtrend and the strong USD bullishness seen today, EURUSD can be expected to fall further toward the next support level 0.9700.