For Traders

Analytical Reviews

Trading plan

08.11.201914:13 Forex Analysis & Reviews: Trading plan for EUR/USD for November 08, 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 outlook:

The EUR/USD pair has reached the first anticipated support level around 1.1030. Please note that there is a convergence seen around current price with 50% retracement of a rally between 1.0879 and 1.1180 and the 38.2% extension of the counter trend drop. Fibonacci convergence zones are a potential turnaround points. Hence, watch out for bullish reversal candlestick patterns here. If long positions have already been initiated earlier, continue holding them while look to add further around these levels on a bullish bounce. Immediate price support is seen at 1.0994 levels, the fibonacci 0.618 support of the previous rally, while resistance is at 1.1100 levels. A push beyond 1.1100 would confirm that a meaningful bottom has been formed and that bulls are back in control. Please note that EUR/USD remains bullish until 1.0879 support holds.

Trading plan:

Remain long against 1.0879 levels, target is open

Good luck!

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.