Daily Price Outlook

    As the financial markets wake on November 8, the EUR/USD pair exhibits a subtle downward movement of 0.09%, resting at 1.06898. The four-hour chart provides a clear picture of the currency pair's current stance, wavering slightly below the previous session's close.

    The pivot point for the day stands at $1.0664, with immediate resistance forming near the $1.0810 mark. Should the pair gain momentum, subsequent ceilings at $1.0892 and $1.1044 may come into play. Conversely, support levels are identified at $1.0579, followed by $1.0433 and $1.0351, which could provide a cushion should a downward trend persist.

    The Relative Strength Index (RSI) sits at a moderate 54, suggesting a cautiously bullish sentiment as it remains above the midpoint of 50. The Moving Average Convergence Divergence (MACD) hovers around the baseline, not indicating a clear trend, leaving traders to look for other clues. Notably, the price floats above the 50-Day Exponential Moving Average (EMA) set at $1.0649, pointing to a potential short-term bullish trend.

    A notable sideways channel breakout pattern has been observed, suggesting a possible consolidation phase. The implications of such a breakout will be critical for the EUR/USD pair, potentially setting the stage for an ensuing trend.

    In conclusion, the technical outlook for the EUR/USD on November 8 indicates a cautiously optimistic view. If the currency remains above the $1.0649 level, it could reinforce the bullish scenario. Traders may expect the pair to challenge the immediate resistance levels in the short term, with the overarching trend likely to be revealed by further market developments.

    EUR/USD Price Chart – Source: Tradingview
    EUR/USD Price Chart – Source: Tradingview

    EUR/USD - Trade Idea 

    Entry Price – Buy Above 1.06517

    Take Profit – 1.07251

    Stop Loss – 1.06051

    Risk to Reward – 1: 1.58

    Profit & Loss Per Standard Lot = +$734/ -$466

    Profit & Loss Per Mini Lot = +$73/ -$46



    24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.