Technical analysis on EURUSD for November 16th, 2023.


Blue lines -Fibonacci retracement levels

EURUSD is trading around 1.0863. Price made a new higher high earlier today at 1.0896 just above the 50% Fibonacci retracement level. Short-term trend remains bullish as price continues making higher highs and higher lows. EURUSD is trading close to key Fibonacci level. Next key resistance is at 1.0960. Short-term support is at 1.0755. The RSI continues making higher highs and higher lows and has still not reached overbought levels. According to the RSI we believe there is still upside potential. We might see a pull back tomorrow as it is common for profit taking near the end of the week. Bulls remain in control of the trend in the near term.

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