02.11.201805:38 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 02, 2018

Long-term review

Exchange Rates 02.11.2018 analysis

Technical outlook:

A daily chart for EUR/USD has been depicted here for a larger picture of swings. As depicted here, the entire drop between 1.2500/50 through 1.1300 levels can be considered as a major down swing. The subsequent rally after that should be a corrective counter trend. The EUR/USD pair might be into its final swing of a counter-trend rally, which resumed from 1.1301 lows yesterday. Furthermore, it has produced an engulfing bullish candlestick pattern as well, confirming a potential reversal in trend. Bulls are expected to remain in control till prices remain above 1.1300 levels going forward. Immediate support is seen at 1.1300, while resistance is at 1.1600/10 levels respectively.

Trading plan:

Long against 1.1300 with target as 1.1850 and 1.2

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert
InstaForex Group © 2007-2021
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