For Traders

Analytical Reviews

Technical analysis

02.11.201604:02 Forex Analysis & Reviews: EUR/USD Technical Analysis for November 02, 2016.

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.

Technical outlook and chart setups:

The EUR/USD pair seems to have achieved its initial soft target at 1.1030/40 levels and also exceeded the same. The pair has made interim highs at 1.1070 levels right now and is poised to prepare to drop from here. EURO bulls have hit previous wave 4 termination at 1.1030/40 levels and also tested resistance at 1.1070 levels now. Please note that the pair is pretty close to forming a top and reverse lower. The probability for wave 4 terminations at these levels remains high at this moment according to wave counts discussed earlier. Looking at the wave structure, the pair should be facing stiff resistance around 1.1100 levels, if prices reach there, and bears are expected to regain control from there on. It is recommended to book profits on all long positions taken earlier and prepare to go short. Immediate resistance is seen at 1.1075/1.1100 levels, while support is seen at 1.0930 levels respectively.

Trading recommendations:

Please book profits on all long positions taken earlier and prepare to go short around 1.1070/1.1100 levels, stop at 1.1150, targeting lower.

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.