EURUSD Retouches 200 hour MA as Sellers Take Over

EURUSD, USDJPY & GBPUSD Review November 1

EURUSD retested the 200 hour MA after CPI data but was unable to surpass key resistance levels. Sellers dominated, pushing the price towards lower targets near 1.0448 and 1.0461. Further downside expected towards 1.0424 and 1.04053.

The EURUSD spiked higher after the CPI data but respected the 200 hour MA for the 2nd time today. In the kickstart video, I outlined how the price needed to get above the cluster of MAs to increase the bullish bias. That was not done. Sellers leaned. The price moved back down.

The selling has taken the price back toward the low for the day but the next key target comes between 1.0448 and 1.0461. Given the ceiling above the expectations are for a rotation back down toward those levels.. Get below and the November 26 low at 1.0424 becomes next target. Below that the 50% midpoint of the range since 2022 is at 1.04053.

Final Thought

The EUR/USD’s failure to break above key moving averages, even after the CPI data, highlights the dominance of bearish sentiment in the market. With sellers firmly in control and downside targets in focus, the pair appears poised for further declines unless bullish momentum can overcome resistance levels.

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