EURUSD: Recovery Tests Resistance Near 1.1267

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of EURUSD for November 04, 2026.

Technical Analysis of EURUSD

EURUSD Daily Chart Insight

(EURUSD Daily Chart, Source: Ultima Markets MT5)

EURUSD has staged a technical recovery following a prolonged bearish decline, with prices rebounding from the late-October lows towards the 1.1257 region. The pair has reclaimed the red 16-period moving average (MA16), which is beginning to turn higher, suggesting improving short-term buying momentum. However, the broader bearish structure remains intact, as prices continue to trade below the downward-sloping purple 50-period moving average (MA50) and blue 100-period moving average (MA100).

The daily RSI has recovered to 51.99, indicating that selling pressure has eased and buyers are regaining some control. Nevertheless, the recovery remains vulnerable while the pair trades beneath its longer-period moving averages. A sustained move above the immediate resistance around 1.1267 would strengthen the recovery outlook, while failure to maintain the recent rebound could expose the pair to renewed downside pressure.

Key Levels:

• Support 1 (1.1181–1.1200): Immediate support around the recent consolidation area and the rising MA16, where buyers may attempt to defend the recovery.
• Support 2 (1.1138): A significant support region near the late-October lows, with a breakdown potentially restoring bearish momentum.
• Support 3 (1.1109): A lower support area near the recent extreme lows, representing a potential downside extension if selling pressure intensifies.
• Resistance 1 (1.1257–1.1267): Immediate resistance around the latest recovery high, where buyers must establish a sustained breakout.
• Resistance 2 (1.1353): A higher resistance area near the descending MA50, which could challenge a broader recovery.
• Resistance 3 (1.1439): A major resistance region near the declining MA100, representing an important barrier to a longer-term bullish reversal.

EURUSD 2-Hour Chart Analysis

(EURUSD 2-Hour Chart, Source: Ultima Markets MT5)

EURUSD is displaying strengthening bullish momentum on the 2-hour chart, with the latest upward breakout lifting prices towards 1.1256 after a period of sideways consolidation. The pair has advanced above the red 16-period moving average (MA16), purple 50-period moving average (MA50), and blue 100-period moving average (MA100), indicating that buyers currently hold the short-term advantage. The MA16 is turning higher, while the MA50 is stabilising and the MA100 continues to slope slightly downward, suggesting that the short-term recovery is developing against a previously bearish structure.

Meanwhile, the RSI has climbed to 72.83, entering overbought territory and highlighting the possibility of a temporary pullback or consolidation following the sharp advance. A sustained break above the immediate resistance around 1.1267 would reinforce bullish momentum, while failure to hold the recent breakout could lead to a retest of the moving-average support region.

Breakout Scenarios:

• Bullish continuation is a possible scenario, triggered by a decisive break and hold above 1.1267. This could open the way towards the next visible resistance region around 1.1310, provided buying momentum remains supported.
• Bearish correction is a possible alternative, triggered by a failure to sustain the breakout followed by a decline below the 1.1192–1.1207 region. This could expose the moving-average support area around 1.1177–1.1185, particularly if the elevated RSI begins to retreat.

GBPUSD Pivot Indicator

(GBPUSD 30-Minute Chart, Source: Trading Central)

The supplied 30-minute Pivot Indicator chart covers GBPUSD rather than EURUSD. GBPUSD is trading around 1.3412, remaining above the main pivot support at 1.3390 and maintaining a cautiously bullish intraday bias. However, price action has consolidated within a narrow range, reflecting limited directional conviction despite holding above the pivot.

The RSI stands at 44.81, below the neutral 50 level, indicating subdued buying momentum. Meanwhile, the MACD is hovering near the zero line, with its lines converging and suggesting that directional momentum remains weak. Although the pivot structure continues to favour a potential upside move towards 1.3435 and 1.3469, stronger momentum confirmation is required before a sustained bullish breakout can develop.

• Bullish Breakout: Holding above the 1.3390 pivot and overcoming the immediate resistance at 1.3435 would support further upside towards 1.3469. Confirmation would require the RSI to recover above 50 and the MACD to turn higher above its signal line, indicating strengthening buying momentum.
• Bearish Rejection: A decisive breakdown below the 1.3390 pivot would weaken the bullish preference and expose the first downside target at 1.3363, followed by 1.3347. A continued decline in the RSI below 50, accompanied by a bearish MACD crossover, would reinforce the downside scenario.

Disclaimer Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.