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Technical analysis of EUR/USD for November 9, 2014

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Overview:

  • The EUR/USD pair has rebounded from the minor support at the level of 10730. On the other hand, the major minor resistance is seen at the level of 1.0830. The pair is approaching it in order to test. Additionally, the level of 1.0833 represents a strong level in the H1 chart.The weekly pivot point was already placed at 1.0833 . For that this area will act as strong resistance today. Consequently, we expect a range around 138 pips in coming 48 hours. So, amid previous events, the EUR/USD pair will be moving between the levels of 1.0720 and 1.0833 during the day. Therefore, it will probably start its downside movement from 1.0830 and recover again. Sell at this spot with the first target at 1.0766 and second target at the level of 1.0706 to form the double top and continue towards 1.0658. On the other hand, in case a breakout takes place at 1.0833, a good place to set our stop loss is seen at 1.0860.

The weekly technical analysis of the EUR/USD pair:

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