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07.11.201908:24 Forex Analysis & Reviews: Technical analysis recommendations for EUR / USD and GBP / USD on November 7

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Economic calendar (Universal time)

The economic calendar of the current day could be called quite calm if it were not for the accumulation of decisions, votes, reports and indicators for the UK, which appear on the calendar as a solid red front in the interval 12:00 - 12:30. The pound has been restrained from any significant movements for a long time. Thus, the market seems to be waiting for a favorable moment, and this moment today, judging by the news background, can be provided.

EUR / USD

Exchange Rates 07.11.2019 analysis

Lower players are trying to continue to decline, but yesterday, they did not succeed in achieving a good result. There are too many supports and too little strength and activity on the part of the bears in the current situation. Therefore, it is highly likely that the current support 1.1082-65 (daily Senkou Span B + daily Kijun + weekly Fibo Kijun) will form a rebound. As a result of which the short-term daily trend (1.1115) will be the nearest resistance, and then the interests of the players to increase will return to 1.1145-64 (weekly Kijun + monthly Tenkan). If the pair continues to decline, then on the way for the players to fall today, two significant milestones can be noted: 1.1030 (target for breakdown of the H4 cloud + daily Fibo Kijun + weekly Tenkan) and 1.0984 (lower boundary of the weekly cloud).

Exchange Rates 07.11.2019 analysis

At lower time intervals, lower players currently retain the advantage. Support is reached 1.1056 (S1), then 1.1047 (S2) and 1.1028 (S3) can enter the work. In case of consolidation above 1.1075 (central pivot level), we can expect the development of an upward correction and the formation of rebound from the met supports of different halves. The classic pivot levels (1.1084 - 1.1103 - 1.1112) will serve as an intermediate resistance rise, but the weekly long-term trend, which is now located at 1.1125, will be the main reference point.

GBP / USD

Exchange Rates 07.11.2019 analysis

On the daily timeframe, the pair managed to go down under the key support of this section 1.2882 (daily short-term trend + monthly Fibo Kijun). Consolidation and confirmation of the breakdown can serve as a catalyst for the continuation of active decline. The key support area continues to maintain its location 1.2700 - 1.2600 (daily Fibo Kijun and Kijun + monthly Tenkan + weekly Tenkan and Fibo Kijun). The return of the daily short-term trend to the side of the bulls in this situation will return uncertainty and may provoke new activity of players to increase, the main task of which will be to update the highs and break the weekly cloud (1.3015).

Exchange Rates 07.11.2019 analysis

Yesterday, the resistance of the central pivot level managed to restrain the development of a correctional upswing again. Therefore, lower players retained the advantage and continued to decline. Today, bearish reference points within the day may be the support of the classic pivot levels - 1.2833 - 1.2812 - 1.2780. Consolidation above the central pivot level (1.2865) will most likely serve the formation of an upward correction. In this case, the main reference point will be the weekly long-term trend (1.2907).

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

Evangelos Poulakis
Analytical expert of InstaForex
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