Euro Loses Its Bullish Drive — Will the Selloff Continue? 11/6/2026

EUR/USD Technical Analysis

The EUR/USD pair traded sideways within a narrow range during the previous session, preserving its negative momentum and remaining capped beneath the psychological resistance at 1.1600 — a development that underscores the persistent weakness in buying momentum and the dominance of the short-term downtrend.

Technical Outlook – 4-Hour Timeframe:

Across intraday price action, the pair continues to trade beneath the simple moving averages, which are functioning as effective dynamic resistance. This dynamic reinforces the negative pressure and lends support to the continuation of the downtrend across the current period.

Meanwhile, the Relative Strength Index (RSI) continues to broadcast renewed negative signals, mirroring the deterioration in buying momentum and the entrenched dominance of sellers across the price action. This configuration coincides with trading along a descending trendline, which lends further weight to the expected bearish scenario.

Compounding this picture, the pair’s inability to reclaim trading above the key resistance levels preserves the probability of renewed selling pressure across the upcoming sessions.

Expected Scenarios:

Bearish (Most Likely) Scenario:

As long as trading remains capped below the pivotal 1.1570 resistance ceiling, the prospects of a resumption of the downtrend will remain firmly on the table — particularly should the price confirm a decisive break beneath 1.1500 and sustain trading below it — with targets set at:

• 1.1475 as the initial objective
• Followed by 1.1430 as the subsequent target

Bullish Scenario:

Conversely, a confirmed hourly candle close above 1.1570 would supply the pair with a temporary corrective upside impulse, with:

• 1.1630 emerging as the initial target

• Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.

S1: 1.1510	R1: 1.1570
S2: 1.1470	R2: 1.1600
S3: 1.1420	R3: 1.1630