Technical Analysis of EUR/USD for November 6, 2020

Technical Market Outlook:

The US presidential elections result is still uncertain and the volatility on all US Dollar pairs has increased. After the EUR/USD pair had made another local low at the level of 1.1602, the price bounced towards the new local high seen at the level of 1.1744, broke this level and went higher towards the next target at 1.1822. This level was violated as well and the new local high was made at 1.1859. The market is now consolidating the recent gains in a Triangle pattern. The momentum is positive and the market conditions at the H4 time frame chart are bouncing from the extremely oversold levels, so please keep an eye on the up trend continuation after the Triangle breakout. The next technical resistance is seen at the level of 1.1879.

Weekly Pivot Points:

WR3 - 1.1974

WR2 - 1.1916

WR1 - 1.1756

Weekly Pivot - 1.1698

WS1 - 1.1531

WS2 - 1.1471

WS3 - 1.1314

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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