Weekly Technical Analysis Report 11 November – Bullish outlook seen on EURUSD
Weekly Technical Analysis Report 11 November – EURUSD played out nicely
1. Last week’s outlook on EURUSD: Bullish play seen
On the H4 time frame, prices are approaching the support zone at 0.98500, which coincides with the 50% Fibonacci retracement and 61.8% Fibonacci extension level. We could see further upside above this zone to the next resistance zone at 1.0080. This resistance zone coincides with the 50% Fibonacci extension level. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias.
Before:
Coloured candles represent our projection
Source: Tradingview. https://www.tradingview.com/chart/EURUSD/r6tFNILR-Bullish-outlook-on-EURUSD-1-November-2022/
After:
2. This week’s outlook on GBPUSD: Bullish outlook seen
On the H4 time frame, prices are approaching the support zone at 1.15500 which coincides with the 23.6% Fibonacci retracement and 38.2% Fibonacci extension level. A break above the 1.17300 intermediate resistance could provide the bullish acceleration to the next resistance zone at 1.23200, which coincides with the 78.6% Fibonacci retracement level. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias.
Bullish Outlook Seen On GBPUSD by Salzworth on TradingView.com
