EURUSD Technical Analysis 8 November, 2021

• EURUSD reversed from support zone
• Likely to rise to resistance level 1.1700

EURUSD currency pair continues to rise after the price reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the major support level 1.15 (former multi-month resistance from March of 2020, as can be seen from the daily EURUSD chart below),lower daily Bollinger Band and the 50% Fibonacci correct of the upward from last year.

Given the clear daily uptrend and the rising bullish euro sentiment seen across the FX markets today), EURUSD currency pair can be expected to rise further toward the next resistance level 1.1700 (top of the correction (ii) from the start of November).

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