The daily chart portrays the pair is neutrally biased, though slightly tilted to the upside, but within the boundaries of a ‘bearish flag.’ On November 6, despite breaching the top of the flag, the EUR/USD finished the session offered, forming an inverted hammer, suggesting the EUR/USD could resume downwards. Even though the pair printed a three-day low of 1.0659, it failed to breach support at the 38.2% Fibonacci level of the Fibonacci retracement drawn from the November 1 low to the November 6 swing high, keeping buyers hopeful of higher prices.
Key resistance levels is at 1.0758, November’s 6 high, followed by the 200-DMA at 1.0802. On the flip side, the first support is seen at the 38.2% Fibonacci level at 1.0654, followed by the confluence of the 50-DMA and the 50% Fibo retracement at 1.0624/35.