EUR/USD Price Analysis: A retracement to 0.9700 is not ruled out

EUR/USD reverses two straight sessions with losses around 0.9900.
The resumption of the decline should not be discarded yet.

EUR/USD rebounds to the 0.9915 region, where some initial resistance has so far turned up on Wednesday.

The pair’s inability to extend the rebound should leave it vulnerable to further weakness in the short term, with the next support of relevance emerging at the weekly low at 0.9704 (October 21).

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0481.

EUR/USD daily chart

Nov 2, 2022

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