empty
 
 
09.11.2018 01:26 PM
Intraday technical levels and trading recommendations for EUR/USD for November 9, 2018

This image is no longer relevant

On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

On October 10, the recent bearish decline below 1.1520 found its way towards the price level of 1.1420 where temporary bullish pressure was pushing the EUR/USD pair above 1.1520. Hence, a descending high was established around 1.1600.

However, by the end of last week's consolidations, the recent bullish recovery was demonstrated around 1.1307 leading to another bullish breakout above 1.1400.

This enhanced further advancement towards the price level of 1.1500 where the current bearish decline was initiated.

For the bearish side of the market to remain dominant, the EUR/USD pair should continue trading below the price level of 1.1400.

Initial bearish targets are located around 1.1275 and 1.1100 if sufficient bearish pressure is demonstrated below 1.1300.

For conservative traders, any bullish pullback towards the price level of 1.1400 should be considered for a valid SELL entry. S/L to be located above 1.1480.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback