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07.11.201807:51 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 07, 2018

Long-term review

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Technical outlook:

The daily chart depicted here for EUR/USD most likely confirms a rally for several weeks ahead. The pair still needs to break above 1.1620 levels, interim resistance to confirm the same. Please note that prices may re-test 1.1350/60 levels before reversing higher again. Interim support is seen at 1.1301 levels, while resistance is at 1.1620 levels respectively. It is recommended to maintain the bullish bias till the time prices stay above 1.1300 levels going forward. On the flip side, a drop below 1.1300 levels would not change the structure but delay the proposed rally. Besides, note that potential for the counter trend rally remains towards 1.2070/1.2100 levels as depicted here.

Trading plan:

Remain long against 1.1300, target 1.2000

Good luck!

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