Technical Analysis of EUR/USD for November 4, 2020

Technical Market Outlook:

The EUR/USD pair has made another local low at the level of 1.1602 as the pair is doing some up and down swing as the votes in the presidential election in the USA are still being counted. Right now everything is possible, but the market looks to be bending towards a stronger US Dollar. The momentum is weak and negative and the market conditions at the H4 time frame chart are extremely oversold, so please keep an eye on a temporary rebound. The nearest technical resistance is seen at the level of 1.1695. Bears are in full control of the market and the weekly outlook is bearish despite the election night in the USA.

Weekly Pivot Points:

WR3 - 1.1974

WR2 - 1.1916

WR1 - 1.1756

Weekly Pivot - 1.1698

WS1 - 1.1531

WS2 - 1.1471

WS3 - 1.1314

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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