November 4, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 04 Nov 2020 Donner votre avis

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In July, the EURUSD pair has failed to maintain bearish momentum strong enough to move below 1.1150 (consolidation range lower zone).

Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1750 which failed to offer sufficient bearish pressure as well.

Bullish persistence above 1.1700 - 1.1760 favored further bullish advancement towards 1.1975 - 1.2000 ( the upper limit of the technical channel ) which constituted a Solid SUPPLY-Zone offering bearish pressure.

Moreover, Intraday traders should have noticed the recent bearish closure below 1.1700. This indicates bearish domination on the short-term.

On the other hand, the EURUSD pair has failed to maintain sufficient bearish momentum below 1.1750. Instead, another bullish breakout was being demonstrated towards 1.1870 which corresponds to 76% Fibonacci Level.

As mentioned in previous articles, the price zone of 1.1870-1.1900 stood as a solid SUPPLY Zone corresponding to the backside of the broken channel.

Intraday Trend-Traders could have considered the recent bearish H4 candlestick closure below 1.1770 as a valid short-term SELL Signal with bearish targets reached around 1.1700 and 1.1630.

Any bullish pullback towards the price zone of 1.1770 should be considered for signs of bearish rejection and a valid SELL Entry. S/L should be placed just above 1.1810.

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

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