Technical recommendations of EUR/USD and GBP/USD on November 5

Trading 05 Nov 2020 Donner votre avis

EUR / USD

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The next US president is not yet determined until now. Each candidate makes the most loud statements, but is it worth waiting for some kind of justice and fair elections in our time? Everything is decided by money, which still prefers to intrigue the world, delaying the final decision. With such sentiments, the euro showed a fairly large-scale movement yesterday, but was limited to the framework indicated earlier – resistance of 1.1765 (weekly Tenkan) and support of 1.1612 (low extreme), returning to the opening area by the close of the day.

Although uncertainty persists, we can still identify important levels. For the bears, they can consider 1.1612 (extreme) - 1.1688 (lower limit of the monthly cloud) - 1.1694 (lower limit of the daily cloud), while for the bulls, they have the levels of 1.1765-77 (weekly Tenkan + top of the daily cloud) - 1.1812 (historical level) - 1.1881 (high extreme).

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The possibilities of the classic pivot levels in the smaller TFs was expanded by the effectiveness of yesterday's movement. Today, resistances are located at 1.1795 (R1) - 1.1866 (R2) - 1.1963 (R3). The supports, in turn, are at 1.1627 (S1) - 1.1530 (S2) - 1.1459 (S3). In the current situation, the key levels for this time frame are combining their efforts in the center of the emerging zone of uncertainty and exerting an attraction in the area of 1.1698-79 (weekly long-term trend + central pivot level).

GBP / USD

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At the moment, the pair is working in the influence and attraction zone of weekly levels 1.2943-76 (Tenkan + Fibo Kijun). If the upward movement develops, it will be important for the bulls to break through the following resistances 1.3077 - 1.3200 - 1.3350. If they manage to leave the attraction zone of 1.2943-76, the main task of the bearish players is still in the broad area of support levels, which can be noted at 1.2777 - 1.2711 - 1.2674 - 1.2612 (low extremum + the final levels of the daily cross + monthly Fibo Kijun).

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In the smaller time frames, the pair is in the attraction zone of the key levels 1.3013 (central pivot level) and 1.2956 (weekly long-term trend). A consolidation above which and reversal on the hourly TF will favor the bulls. At the same time, the resistances of the classic pivot levels of 1.3112 - 1.3239 - 1.3338 will become benchmarks within the day. A reliable consolidation below which 1.2956 will return the favor to the bearish side. To strengthen their sentiment, support levels of 1.2886 (S1) - 1.2787 (S2) - 1.2660 (S3) will be important today.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

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

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