EUR/USD for October 31,2019 – Value is still overlapping to lower, potential for rotation down into 1.1111 area

EUR price had a strong upward swing yesterday and successful rejection of the main resistance at 1.1174. I would watch for intraday selling opportunities due to potential exhaustion from buyers and rejection of the 10-day high at 1.1174.

Based on the market profile chart, the value for the current week is still moving lower and the price is trading above the value, which is potential chance for sellers to move back into the current week value range.

Important levels to watch based on the Profile:

Support level :

1.1111 – Current week POC

1.1094 – Current week node

Resistance levels:

1.1153 – Current week node

1.1175 – Current week high

Watch for selling opportunities on the rallies.

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4H time-frame is telling the same story and potential rejection of the 10day high at 1.1175. There is also bearish engulfing pattern in the background, which is another sign of the weakness.

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

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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