November 18, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

On October 2, an Inverted Head & Shoulders reversal Pattern was confirmed after a bullish breakout above 1.0940 (neckline) was achieved.

This enabled further bullish advancement towards (1.1000 -1.1020) maintained above the depicted bullish trend.

On October 7, temporary sideway consolidation range was demonstrated between the price levels of (1.1000 -1.0940) before further bullish movement was resumed towards 1.1175 where significant bearish rejection was originated.

The price zone around (1.1175 – 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.

Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 which offered valid bearish positions two weeks ago.

That’s why, further bearish decline was executed towards 1.1025 and 1.0995 where the current bullish rejection was demonstrated.

Currently, another episode of bullish pullback is being demonstrated towards 1.1065-1.1085 where a cluster of supply levels are located (61.8% Fibo – 50% Fibo levels).

The current price levels 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.

Estimated initial bearish targets are located at 1.1040 and 1.1000 if enough bullish rejection is encountered

Any bullish breakout above 1.1110 invalidates the mentioned bearish scenario allowing further bullish advancement towards 1.1150.

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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