EUR/USD Price Analysis: Further weakness could revisit 1.0500

Market news

8 November 2023

EUR/USD Price Analysis: Further weakness could revisit 1.0500

- EUR/USD accelerates its losses to weekly lows near 1.0660.

- The next support of note emerges at 1.0650 ahead of 1.0500.

EUR/USD retreats further and approaches the transitory 55-day SMA near 1.0650 on Wednesday.

In case the downward bias picks up extra pace, the next relevant contention is expected to emerge around the 1.0500 neighbourhood in the short-term horizon.

In the meantime, while below the 200-day SMA at 1.0802, the pair’s outlook should remain negative.

EUR/USD daily chart

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