EUR-USD Technical Analysis 01-Nov-2020

The long awaited major correction for the EUR-USD finally visible - this is shown by the MACD Stochastic signal in the weekly time frame chart below. 

The probability to break the current support level 1.16487 is 85% certain as long as MACD and Stochastic in the weekly time frame keep moving down the experience could be painfully fast or slow till you get bored of waiting. It could go down as low as 1.14896 (61.8% Fibonacci level) or even lower at 1.13454 (50% Fibonacci level) it depends on the upcoming market situations.

The rest of currency pairs with the like of GBP-USD, AUD-USD, EUR-JPY all showing similar patterns although may not be as worst as EUR-USD. Let's see how far down it will go