November 4, 2020 : EUR/USD daily technical review and trade recommendations.

Trading 04 Nov 2020 Donner votre avis

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Three weeks ago, temporary breakout above 1.1750 was demonstrated within the depicted ascending channel. This indicated high probability of bullish continuation towards 1.1880. However, downside pressure pushed the EUR/USD pair towards 1.1700 where significant BUYING Pressure Existed. This was followed by another quick upside movement towards 1.1880-1.1900.

The price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel where significant bearish pressure and a reversal Head & Shoulders pattern were demonstrated.

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. Suggested SELLING positions were running in profits.

Early signs of bullish reversal are being demonstrated around the current price levels of 1.1600. Exit level around 1.1720 was already reached.

Trade Recommendations :-Currently, the price zone of 1.1740-1.1780 stands as a significant Resistance-Zone to be watched during the current upside pullback for a valid SELL Position.

Initial bearish target would be located around 1.1720 and 1.1690. Exit level should be placed above 1.1800

The material has been provided by InstaForex Company - www.instaforex.com

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