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Technical analysis for the EUR/USD – 02.11.2015

The pair continued to fall, as expected. The price almost reached earlier mentioned targets at 1.0850/20, but found strong support at 1.0900 mark and pulled back up to level 1.1060. Trading is currently carried out at 1.1020/10. Indicators are turning up. SS has escaped from its oversold zone, and on the back of rising R% and MACD it can mean strong bullish intent to reverse the trend up. However, until the breakout of strong resistance range 1.1110-1.1060, bearish potential will preserve. In this situation, we expect consolidation within the range of 1.1060-1.0850/30, followed by the decline to the above mentioned lows at 1.0660/70 and 1.0500/1.0460. Even if bulls manage to break resistance at 1.1110/1.1060, it won’t cancel the assumption that growth is just a correction within the dominating bearish trend. As  we mentioned earlier, to completely reverse the downtrend, bulls will have to push the price above the tough resistance of 1.1230/50.

EUR021115

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

The pair continued to fall, as expected. The price almost reached earlier mentioned targets at 1.0850/20, but found strong support at 1.0900 mark and pulled back up to level 1.1060. Trading is currently carried out at 1.1020/10. Indicators are turning up. SS has escaped from its oversold zone, and on the back of rising R% and MACD it can mean strong bullish intent to reverse the trend up. However, until the breakout of strong resistance range 1.1110-1.1060, bearish potential will preserve. In this situation, we expect consolidation within the range of 1.1060-1.0850/30, followed by the decline to the above mentioned lows at 1.0660/70 and 1.0500/1.0460. Even if bulls manage to break resistance at 1.1110/1.1060, it won’t cancel the assumption that growth is just a correction within the dominating bearish trend. As  we mentioned earlier, to completely reverse the downtrend, bulls will have to push the price above the tough resistance of 1.1230/50.

EUR021115

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!



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