November 8, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

On September 13, the EUR/USD started trending-down within the previous short-term bearish channel until an Inverted Head & Shoulders Pattern was demonstrated around 1.0880 on October 1.

Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the depicted bullish trend.

On October 7, a sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before further bullish movement was resumed towards 1.1175 where the previous bearish movement was recently originated.

Two weeks ago, the short-term technical outlook has temporarily turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).

On the other hand, 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 is being demonstrated with neckline located around 1.1075-1.1090 which offered bearish rejection upon retesting Yesterday.

Quick bearish decline should be expected towards 1.1025 and 1.0995 provided that the current bearish breakout below 1.1090-1.1070 is maintained on a daily basis.

Any bullish pullback towards 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.

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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