06.11.201808:47 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 6, 2018

Long-term review

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EUR/USD pulled back towards 1.1350 and is now bouncing back above 1.14. In our previous analysis, I mentioned that a higher low towards 1.1360 is very possible and what bulls needed to see in order for a bullish pattern to be built. Now a break above 1.1440-1.1460 would confirm the bullish momentum.

Light blue dots - medium strength support

Dark blue dots - maximum strength support

Although the longer-term trend remains bearish, we have pointed out in previous analysis that several indicators point to a big bounce in EUR/USD. So far price seems supported at the 1.1350-1.13 area. While price was making new lows DAILY oscillators did not follow as we mentioned before. This was a warning for bears that the should be cautious as a short-term bounce could come and 1.15-1.16 could be seen. In the short-term we have a strong leg higher from 1.13 to 1.1460 area and a pull back with a higher low. This setup is bullish specially if we break above 1.1460. Then EUR/USD could push higher towards 1.15-1.1550. Key resistance area for the longer-term bearish trend is at 1.1550-1.1620. This is the level bulls need to break in order to confirm a major low in EUR/USD.

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