Technical analysis for EURUSD for November 5, 2018

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EURUSD has reached the important daily resistance in 1.1420-1.1430 area and got rejected on Friday. If prices form a higher low around 1.1360-1.1380 (previous resistance) and manage to break above 1.1430, we should expect the pair to move towards 1.15-1.1550.

Black dots – medium strength resistance

Red dots – maximum strength resistance

EURUSD is challenging the important daily resistance at 1.1430. The first attempt has failed. A second attempt has more chances of breaking resistance. If this happens, then we should expect prices to move towards the red dots resistance area of 1.1560. Support is at 1.1360-1.1380 and breaking below it would be a bearish sign. Breaking this support would push prices to 1.1320 which is the next support level. If that level is broken as well, I would expect price to move towards 1.1250.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for EURUSD for November 5, 2018

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