Technical analysis of EUR/USD for Nov 5, 2019

analytics5dc1151d14e71.jpg

Technical Overview:

Despite the positive momentum, the technical resistance at the level of 1.1179 was too strong for bulls and the EUR/USD pair is now pulling back from this zone. The market conditions are now overbought and the momentum is below its fifty levels, which indicated the bears are in charge, at least for the short-term. The nearest technical support is seen at the level of 1.1126, 1.1109 and 1.1091. Only a clear breakout below the level of 1.1075 would put bears in the control of the price.

Weekly Pivot Points:

WR3 – 1.1310

WR2 – 1.1242

WR1 – 1.1209

Weekly Pivot – 1.1144

WS1 – 1.1116

WS2 – 1.1042

WS3 – 1.1010

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

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

Source:: Technical analysis of EUR/USD for 05/11/2019

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*