EURUSD Analysis – November-7-2023
The EURUSD forex pair is undergoing a critical test at the 1.07 pivot point. With the Relative Strength Index (RSI) inching closer to the mid-point of 50, traders are closely monitoring the market dynamics.
Should the bears push the price below this level on the 4-hour chart, the next target on the downside is expected to be 1.058. This potential move could signal a shift in market sentiment and a possible strengthening of the USD against the Euro.
However, as long as the EURUSD pair maintains its position above the pivot, the market trend remains bullish. This suggests that the Euro is still holding its ground against the USD.
Stay tuned for more updates on EURUSD technical analysis and forex trading strategies.