Technical analysis of EUR/USD for November 06, 2017

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Overview:

  • The EUR/USD pair continues to move downwards from the level of 1.1608. The pair dropped from this level of 1.1608 which coincides with the first resistance to the current point around 1.1587. Today, the first resistance level is seen at 1.1608 followed by 1.1638, while daily support 1 is seen at 1.1577. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1608 and 1.1544; for that we expect a range of 64 pips at least. If the EUR/USD pair fails to break through the resistance level of 1.1608, the market will decline further to 1.1544. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.1505 with a view to test the daily support one. Other supports are seen at the levels of 1.1544 and 1.1505. On the contrary, if a breakout takes place at the resistance level of 1.1676 (the double top), then this scenario may become invalidated.
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