General analysis
- EURUSD: After breaking the ascending channel, the pair continues to fall but now faces support at the 1.06839 level.
- EUR/GBP: The pair failed to maintain higher levels. The price fell sharply and is currently close to the intraday resistance.
EUR/USD Chart Analysis
EUR/USD 15-minute chart (Source: TradingView)
in it November 8, 2024 trading session, the EUR/USD pair closed at -0.88% after maintaining a sideways scenario during the first half and then falling sharply towards support in the second half of the session.
Currently, on the daily chart, the price tried to rise but faced rejection and fell sharply towards the support level. The 1.06827 level serves as a crucial support area, and a price close below this level could trigger massive selling.
On the 15 minute time frame, you can see the price by retesting the 1.06874 level repeatedly. This is a crucial support level on both upper and lower time frames. If you are looking for an input trigger, here are some options:
- Bullish scenario: If the price again fails to close below the 1.06827 level, buyers can consider entering a trade with a stop loss below the previous low and a target at the 1.07213 level.
- Bearish scenario: If the price continues to close below the 1.06827 level, sellers may consider entering a trade with a stop loss above the previous high and targets at 1.06518 and 1.06271 levels. Make sure the RSI is not in an oversold scenario.
EUR/GBP Chart Analysis
EUR/GBP 15-minute chart (Source: TradingView)
in it November 8, 2024 During the trading session, the pair showed selling pressure within the channel while forming a lower and higher pattern. The price remained in the zone for the last three trading sessions but broke the bearish pattern in the November 11 negotiation session.
The pair has broken the main support level of 0.83061 and remained below it on the daily chart, clearly indicating strong selling pressure. The pair has been closing in the red for the last five trading sessions after rejecting resistance at the 0.84470 level.
When the price breaks the support level and stays below it, a selling trend is activated. The entry triggers are described below:
- Bearish scenario: If the price consolidates below the support level and breaks out of the consolidation area, sellers may consider entering a trade with a stop loss above the previous high and a target at the 0.82498level.
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