EUR/USD: TECHNICAL ANALYSIS 07.11.2019Published: 7 November 2019
EUR/USD keeps a negative dynamic. The price is approaching strong support in the region of 1.10474. This level seems a key level for the sellers in a short term period. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.10321-1.10168.
The rebound from 1.11790 and pullback above 1.10779 can lead the price to 1.10931 resistance. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, the breakout of 1.10931 will give a prospect of growth to the 1.11084 resistance, which will be a key level for the buyers.
Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards. MACD is actively growing in the negative zone. Stochastic is in the oversold zone and is directed upwards, signaling the development of an upward correction.
Support and resistance
Support levels: 1.10474, 1.10321, 1.10168.
Resistance levels: 1.10626, 1.10779, 1.10931, 1.11084.
Short positions can be opened below the level of 1.10474 with the target at around 1.10168 and stop-loss 1.10576.
Long positions can be opened above the level of 1.10779 with the target at around 1.10931-1.11084 and stop-loss 1.10677.