03.11.201815:32 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for November 5, 2018

Long-term review

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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 September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.

On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420 where temporary bullish pressure was pushing the EUR/USD pair above 1.1520 until 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.

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

However, by the end of last week's consolidations, the recent bullish recovery was demonstrated around 1.1307. Another bullish breakout above 1.1400 was temporarily demonstrated again.

The next bullish destination would be located around 1.1520 (upper limit of the depicted congestion zone) if sufficient bullish momentum is maintained above 1.1400-1.1420.

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