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06.11.201812:20 Forex Analysis & Reviews: Technical analysis of EUR/USD for November 06, 2018

Long-term review

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Overview:

The EUR/USD is still trading around the pivot point of 1.1422. The EUR/USD pair continues to move downwards from the areas of 1.1475 and 1.1422.

Last week, the pair dropped from the level of 1.1475 to 1.1356. Today, resistance is seen at the levels of 1.1422 and 1.1475. So, we expect the price to set below the strong resistance at the levels of 1.1475 and 1.1422; because the price is in a bearish channel now.

Also, it should be noted that the price of 1.1457 coincides with a ratio of 38.2% Fibonacci on the H1 chart. Amid the previous events, the price is still moving between the levels of 1.1422 and 1.1300.

In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1422.

Furthermore, if the EUR/USD pair is able to break out the bottom at 1.1356, the market will decline further to 1.1295.

However, if the price closes above the strong resistance of 1.1475, the best location for a stop loss order is seen above 1.1475.

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