Technical analysis for the EUR/USD currency pair for the week from November 4 to 9

Trading 04 nov 2019 Donner votre avis

Trend analysis.

This week, the price will move up with a target of 1.1208 – a pullback level of 61.8% (blue dotted line). A breakthrough of this level will be unlikely, and the market will most likely try to move down from the level of 1.1208, in the rollback, with the first target 1.1134 – a pullback level of 14.6% (red dotted line).

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Fig. 1 (weekly chart).

Complex analysis:

- Indicator analysis – up;

- Fibonacci levels – up;

- Volumes – up;

- Candle analysis – up;

- Trend analysis – up;

- Bollinger Bands – up;

- Monthly chart – up.

The conclusion of the complex analysis – an upward movement.

The overall result of calculating the candle of the EUR/USD currency pair according to the weekly chart: the price of the week is likely to have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday – up) and the absence of the second upper shadow (Friday – up).

The first upper target of 1.1208 is a pullback level of 61.8% (blue dotted line).

From this level, it is possible to roll back downwards with the target of 1.1134 – a rollback level of 14.6% (red dotted line).

An unlikely scenario – from the level of 1.1208, an upward movement with the target of 1.1249 – the upper fractal (blue thin line).

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

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