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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.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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