EUR/USD bounces back toward the desired level near $1.05 as it finds current support near $0.97 in the first week of Nov. Since the beginning of 2022, this pair has remained on a downtrend and finds support near $0.95 as a yearly low. Both participating currencies, the Euro and Dollar, are the most popular in the world. The weekly chart shows enable selling opportunities where everyone keeps buying. Oct job report caused a sudden price surge, and the RSI indicator reading shows the price reaching toward the overbought level above 70, declaring it can be a buy-off for the pair.
Key levels for EUR/USD
The key pivot levels remain at the 1.0310 – 1.0450 zone. The short-term resistance level will be near 1.0450, followed by 1.0620. Meanwhile, the resistance level is near 1.0340, followed by the previous low near 1.0280.
In the following section, we will illustrate the technical outlook of the EURUSD pair for H4, Daily and Weekly charts and define essential price levels to follow.
EUR/USD Weekly chart
The weekly chart shows EUR/USD has remained on a clear downtrend since 2021, and the current support level is near $0.95. When the price remains above the psychological level of $1.05, it can reach to the Fibonacci 50% level near $1.09 before starting to decline.
EUR/USD Daily Chart
The Daily chart of EUR/USD shows the price breaks above the long-term downtrend. Keep an eye on $1.00 level as the price every time touches that level and shows reactions although the RSI indicator shows the price reached on an overbought level.
EUR/USD H4 Chart
The H4 chart of EUR/USD shows the price remains on a sharp uptrend as the Dollar gets weaker due to the recent market context. The short-term support remains near $1.03. Any breakout below this level can trigger the price to reach support near $1.00 following $0.97.