empty
 
 
13.11.2019 06:31 PM
November 13, 2019 : EUR/USD technical outlook predicts further bearish decline below 1.1000.

This image is no longer relevant

On October 2, a bullish breakout above 1.0940 confirmed the depicted Inverted Head & Shoulders reversal Pattern which enabled further bullish advancement towards (1.1000 -1.1020)

This bullish movement has been maintained above the depicted bullish trend.

On October 7, temporary sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before further bullish movement was resumed towards 1.1175 where significant bearish rejection was originated.

The price zone around (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.

Moreover, the short-term technical outlook has turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).

On the other hand, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 which offered valid bearish positions upon last week's retesting.

As anticipated, further bearish decline was executed towards 1.1025 and 1.0995 where temporary bullish rejection is being demonstrated.

Currently, signs of bullish recovery manifested in a short-term double bottom pattern may be demonstrated around 1.1000 with a bullish target projected towards 1.1085.

Any bullish pullback towards 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.

On the other hand, earlier bearish breakout below 1.1000 will probably enable quick bearish decline towards 1.0945 where a prominent demand level was previously located.

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