For Traders

Analytical Reviews

Trading plan

06.11.202308:03 Forex Analysis & Reviews: Trading plan for EUR/USD for November 06, 2023

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Technical outlook:

EUR/USD pushed higher towards 1.0750 last Friday, in line with our projections. The single European currency is seen to be trading close to the 1.0735 mark at this point in writing and could be preparing for a pullback soon. It has almost hit the initial Fibonacci extensions. The next projections are towards the 1.0850 and 1.0900 levels respectively.

EUR/USD might drop through the 1.0670-80 zone, which is resistance that has turned into support now, before resuming higher again. The counter trend rally, which had begun from the 1.0450 lows, has hit the Fibonacci 0.382 retracement of the drop between the 1.1275 and 1.0450 levels respectively. Near-term resistance could be faced here before bulls target the 1.0900 mark.

EUR/USD is also seen to be producing a bearish divergence on 4H RSI as seen on the chart here. One more indication that the upside movement could be limited from here and 1.0750 could provide enough resistance for prices to pullback. The next leg higher towards 1.0900-30 could complete the corrective phase, which started at around 1.0450.

Trading idea:

Potential drop towards 1.0670-80 is possible before the next wave higher.

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.