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05.11.201908:22 Forex Analysis & Reviews: Technical analysis of EUR/USD for 05/11/2019

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.

Technical Overview:

Despite the positive momentum, the technical resistance at the level of 1.1179 was too strong for bulls and the EUR/USD pair is now pulling back from this zone. The market conditions are now overbought and the momentum is below its fifty levels, which indicated the bears are in charge, at least for the short-term. The nearest technical support is seen at the level of 1.1126, 1.1109 and 1.1091. Only a clear breakout below the level of 1.1075 would put bears in the control of the price.

Weekly Pivot Points:

WR3 - 1.1310

WR2 - 1.1242

WR1 - 1.1209

Weekly Pivot - 1.1144

WS1 - 1.1116

WS2 - 1.1042

WS3 - 1.1010

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

Exchange Rates 05.11.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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