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06.11.201807:38 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 06, 2018

Long-term review

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Technical outlook:

The daily chart view has been again depicted here to give a larger picture for EUR/USD. The entire drop from 1.2500/50 through 1.1300 levels is seen as a down swing and fibonacci retracement levels have been spread across. Normally a counter trend rally would reverse from fibonacci 0.382 or it would extend all the way through the 0.618 of the earlier swing. In this case, prices reversed from around 0.382% of an earlier swing drop but looking to extend through the 0.618% from here. Please note that prices need to at least break above 1.1620 levels, which is initial price resistance, followed by 1.1830 levels respectively. Furthermore, the sloping trend line is seen to be passing through 1.2000 mark for now, close to 1.2076, which is fibonacci 0.618 retracement of earlier drop.

Trading plan:

Remain long against 1.1300, targeting 1.1850 and 1.2

Good luck!

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