Forex Weekly Technical Analysis: Currency Pairs in Focus – November 1–7, 2025
By: DailyForex.com
As global markets enter a new month with heightened geopolitical developments and shifting central bank stances, the focus for forex traders turns to key currency pairs that showed significant movement in early November 2025. This weekly review, originally compiled by the DailyForex team, outlines crucial technical levels and potential setups across major and minor forex pairs. The data analyzed here considers seasonal shifts in market volatility and the technical frameworks that define market psychology, including support and resistance zones, trendlines, Fibonacci retracement levels, moving averages, and RSIs.
Global Overview
Going into November 2025, markets are responding to several key developments:
– The Federal Reserve’s latest guidance hinted at a “higher for longer” interest rate stance.
– The European Central Bank signaled a potential pause in rate hikes, citing stagnating growth.
– Ongoing geopolitical tensions in Eastern Europe and the South China Sea continue to support safe-haven currencies.
– The US Dollar Index (DXY) remains elevated, hovering near 106.30 as demand persists amid global uncertainty.
These macroeconomic contexts shape the technical outlook for individual currency pairs. Let’s break down the weekly forecast for the top forex pairs under focus from November 1 to November 7, 2025.
EUR/USD: Cautious Rebound Amid Divergent Fundamentals
The EUR/USD pair has been attempting to correct its multi-week downtrend following the ECB’s dovish stance. However, as interest rate differentials between the eurozone and the US widen, the dollar’s strength remains a heavy drag on any sustained bullish momentum.
Technical Analysis:
– Support zone: 1.0520 and 1.0450.
– Resistance levels: 1.0700 and 1.0820.
– RSI: Currently at 48, indicating neutral momentum but with potential for a slight upside correction.
– 50-day moving average (MA): Positioned near 1.0680 and acting as immediate resistance.
– Fibonacci retracement: Price is hovering near the 23.6 percent retracement from the August peak of 1.1275.
Trading Outlook:
– Bullish Scenario: A decisive breakout above 1.0700 could open the door to 1.0820, provided the euro finds strength from upcoming eurozone inflation prints or an unexpected hawkish shift in ECB language.
– Bearish Scenario: Any failure near the 1.0700 resistance could cost EUR/USD another leg lower toward 1.0520 and possibly 1.0450. Sustained USD inflows ahead of key US jobs data may contribute to downward pressure.
GBP/USD: Sideways Momentum Dominated by Central Bank Speculation
After a volatile October, the British pound is showing signs of consolidation. The Bank of England’s uncertainty about future rate moves continues to make GBP/USD somewhat directionless, with traders closely watching inflation and GDP data.
Technical Analysis:
– Support: 1.2100 and then 1.2000.
– Resistance: 1.2330 followed by 1.2450.
– RSI reading: 51 suggests a neutral stance.
– 100-day MA: Near 1.2280 and flattening.
– Price behavior: In a sideways channel between 1.2100–1.2450.
Trading Outlook:
– A clear break above 1.2330 could propel the pair toward 1.2450. Failure to hold above 1.2100 could see GBP revisit the psychological 1.2000 mark.
– Long-term trends still favor the US dollar, so position-sizing should be cautious for bullish GBP bets.
– Sideways consolidation may persist until more clarity emerges from BoE or key data releases.
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Read more on USD/CAD trading.