For Traders

Analytical Reviews

Technical analysis

06.11.201808:47 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 6, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD pulled back towards 1.1350 and is now bouncing back above 1.14. In our previous analysis, I mentioned that a higher low towards 1.1360 is very possible and what bulls needed to see in order for a bullish pattern to be built. Now a break above 1.1440-1.1460 would confirm the bullish momentum.

Light blue dots - medium strength support

Dark blue dots - maximum strength support

Although the longer-term trend remains bearish, we have pointed out in previous analysis that several indicators point to a big bounce in EUR/USD. So far price seems supported at the 1.1350-1.13 area. While price was making new lows DAILY oscillators did not follow as we mentioned before. This was a warning for bears that the should be cautious as a short-term bounce could come and 1.15-1.16 could be seen. In the short-term we have a strong leg higher from 1.13 to 1.1460 area and a pull back with a higher low. This setup is bullish specially if we break above 1.1460. Then EUR/USD could push higher towards 1.15-1.1550. Key resistance area for the longer-term bearish trend is at 1.1550-1.1620. This is the level bulls need to break in order to confirm a major low in EUR/USD.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.