Technical analysis of EUR/USD for November 05, 2020

Trading 05 Nov 2020 Donner votre avis

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Overview :

The EUR/USD pair rose from 1.1721 is seen as the third leg of the pattern from 1.1693 (low). Further rally could be seen to cluster resistance at 1.1787 next, (50% retracement of 1.1721 to 1.1787 at 1.1800). This will remain the favored case as long as 1.1721 resistance turned support holds.

The EUR/USD pair rebounded strongly to 1.1787, but was kept well above 1.1721 support.

The first resistance has set at the level of 1.1787. Breach of 1.1787 suggests that rise from 1.1787 is resuming. Intraday bias is back on the upside for 61.8% retracement of 1.1749 to 1.1787 at 1.1839.

n case EUR/USD manages to settle below 1.1600, it will decline towards the next support level at 1.1580. A move below this level will open the way to the test of the next support at 1.1540.

On the upside, the nearest resistance level for EUR/USD is located at 1.1839. If EUR/USD manages to get above this level, it will gain additional upside momentum and head towards the resistance at the 100 EMA at 1.1790.

A move above the 100 EMA will push EUR/USD towards the next resistance level at the 100 EMA at 1.1787. If EUR/USD gets above the 100 EMA, it will get to the test of the recent highs at 1.1839.

If the pair succeeds to pass through the level of 1.1787, the market will indicate a bullish opportunity below the level of 1.1787.

Amid the previous events, the pair is still in an uptrend, because the EUR/USD pair is trading in a bullish trend from the new support line of 1.1787 towards the first resistance level at 1.1839 in order to test it.

Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

In other words, buy orders are recommended above the spot of 1.1750/1.1780 with the first target at the level of 1.1839; and continue towards 1.1923. As a result, the pair will climb towards the double top (1.1839) to test it.

However, if the EUR/USD pair fails to break through the resistance level of 1.1839 today, the market will decline further to 1.1721 (back to pivot).

Forecast :

If the pair fails to pass through the level of 1.1721, the market will indicate a bullish opportunity above the strong support level of 1.1721. In this regard, buy deals are recommended higher than the 1.1787 level with the first target at 1.1839. It is possible that the pair will turn upwards continuing the development of the bullish trend to the level 1.1923. Otherwise, stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 1.1603.

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

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