01.11.201812:52 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for November 1, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.

However, temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until a bearish breakdown of 1.1520 occurred again on October 17.

Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.

As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.

The current bearish breakout has initial targets around 1.1275 and probably 1.1100 if sufficient bearish pressure is demonstrated.

On the other hand, any bullish breakout above 1.1400 should be considered as an early exit signal for sellers.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.