Technical analysis for EURUSD for November 8, 2018

EUR/USD has reached our lower range of the target area of 1.15-1.16 and pulled back strongly. Price is now trading in the area of previous resistance that is now support. EUR/USD has the potential to move higher as long as price does not break below 1.1375.

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Light blue dots - medium strength support

Dark blue dots - maximum strength support

EUR/USD is making higher highs and higher lows. This is a good sign for the short-term trend. However as price tried to break out of the bearish channel, price got rejected and pulled back towards the support area of 1.1430 which was previously resistance. Next important support for the short-term bullish trend is at 1.1375. Breaking below it will be a bearish sign. Resistance is at 1.1460-1.1470. Breaking above this level will open the way for a higher high above 1.15.

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