Technical analysis for EUR/USD for October 31, 2018


Technical outlook:

A 4H chart view has been depicted here for a medium-term outlook for EUR/USD. Looking at the price action since yesterday, the possibility of yet another low below 1.1336 levels cannot be ruled out. In case the price drops lower, please be aware that the medium-term outlook for EUR/USD would not change much except for the time delay. At this point of time bulls have held previous swing support at 1.1336, hence we would respect it as intermediate support. Immediate resistance is seen at 1.1550 levels as shown here. If prices stay below 1.1336 levels, we could see a rally past 1.1550 levels taking out immediate resistance. Kindly watch out for today's price action for a bottom formation, which might stay good for the entire November series.

Trading plan:

Remain ling, stop below 1.1300, target above 1.1850

Good luck!

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