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07.11.201809:41 Forex Analysis & Reviews: Technical analysis for EUR.USD for November 7, 2018

Long-term review

In our previous analysis we explained that in the short-term prices seem to want to move higher as the technical setup favors a move towards 1.15-1.16. The longer-term trend remains bearish but in the short-term we have more signs of strength.

Exchange Rates 07.11.2018 analysis

Light blue dots - medium strength support

Dark blue dots - maximum strength support

EUR.USD is making higher highs and higher lows in the 4 hour chart. Price is holding above the blue dots system and is now breaking out or at least trying to break out of the short-term bearish channel. In previous posts I explained that there are several indicators pointing to a bounce coming as the strength of each lower low was weakening. Support is now found at 1.1380 and at 1.1340. As long as we hold above these two levels, short-term trend will favor a move above 1.15 towards 1.16.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2021
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