Comprehensive EUR/USD for November 8, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/USD for 8th November 2023. 

Key Takeaways

• Hawkish statement from Fed member: Federal Reserve member Kashkari said that given the recent series of strong economic data, the Fed may have to take more measures to reduce inflation to the 2% target level. At the same time, regarding the issue of interest rate cuts, he said that the FOMC did not discuss the content of interest rate cuts. 
• Powell will address a speech: Federal Reserve Chairman Powell will speak at the event tonight, and the market is paying attention to whether the chairman will release more forward guidance. 

EUR/USD Technical Analysis 

EUR/USD Daily Chart Insights

• Stochastic Oscillator: After the indicator hovered at the 50 mid-line for a period of time, it issued a bull signal again. However, judging from the market situation, the current bullish trend is still not clear and needs to wait for important resistance levels to be broken before it can be confirmed.
• Moving average: The recent rise has hit the moving average resistance, then broke through the moving average after a correction, and then encountered resistance to the moving average again. Yesterday, the market touched the key 240-day moving average (green). Pay attention to whether the market will completely open up the upper space after the correction.  

EUR/USD 1-hour Chart Analysis

• Stochastic oscillator: After the indicator forms a long signal, the market does not rise rapidly. The price may still oscillate, and the indicator may send a long signal again before looking for trading opportunities. 
• Moving average: The current 65-period moving average is the key support and resistance conversion level during the day. If the price rebounds and breaks through 1.07047, the exchange rate will look towards the purple 2400-period moving average. On the contrary, if it falls below the black 65-period moving average, the euro will still depreciate in the short term. 
• Fibonacci retracement level: The market is blocked at the 38.2% retracement level. If it continues to fall below, focus on the 50% retracement level. This price is also the overlap position of the green 240-period moving average. 

Ultima Markets MT4 Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.06962, 
• Bullish Scenario: Bullish sentiment prevails above 1.06962, first target 1.07280, second target 1.07542; 
• Bearish Outlook: In a bearish scenario below 1.06962, first target 1.06699, second target 1.06387. 

Conclusion