Weekly Price Action & Technical Analysis Outlook | Nov 3-8

eurusd bearish short term impulsive selling 2ndskiesforex

EURUSD – Unable to Hold Above 1.3800
After attempting to hold above 1.3800 for about a week, the pair sold off, likely a combination of massive profit taking from medium/long term bulls, along with Draghi comments suggesting they are uncomfortable with a high EUR. Regardless, the pair sold off for five days straight and is now sitting a  key support zone if the bulls want to re-establish control. This zone marked in the chart below is between 3480-3400.

Momentum short term is bearish, so i’d want to see some intraday correction at this zone before buying.  Short term bears can now look for pullbacks towards 1.3645/1.37 to get short, while bulls can watch the intraday charts for buyers holding the …

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