EURUSD Price Analysis – November 4
The euro enlisted higher when the US dollar fell. The FX pair, albeit marginally unstable, was cited close to the recently settled highs. Financial data for the euro region is yet to be released. This left the greater part of the overwhelming effect in the US data release. Numerous reports have kept the dollar moderate.
Resistance Levels: 1.1450, 1.1412, 1.1280
Support Levels: 1.1026, 1.0923, 1.0879
EURUSD Long term Trend: Bullish
In the long term trend, presently, the bounce back from the level at 1.0879 is viewed as a remedial move first. Thus, upside ought to be constrained by a retracement of the level at 1.1450 to 1.0879 at 1.1280.
Also, lower consolidation from a down pattern from the level at 1.1450 (high) would continue at a future point. Notwithstanding, a supported break of the level at 1.1280 may lessen this bearish pattern and establish a further advance of retracement to the level at 1.1450 next.
EURUSD Short term Trend: Ranging
The intraday bias in EURUSD stays neutral in the present and consolidation from the level at 1.1178 is likely to extend northwards. A further advance is probable with the level at 1.1026 support staying intact.
However, on the upside break of the level at 1.1178 may reactivate the bounce from the level at 1.0879 to 1.1412 key resistance. Moreover, a break of the level at 1.1026 downwards may ascertain that bounce from the level at 1.0879 has finished the retracement cycle. Then the intraday bias may turn back to the downside for retesting the level at 1.0879.
Entry price: 1.1178
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.