Technical analysis for EUR/USD for November 13, 2018
November 13, 2018 8:22 am
EUR/USD has reached our downside targets and it loos like it is preparing at least a short-term bounce towards 1.13. Trend remains bearish. Traders should continue to focus on the downside and not try to trade the upside.
Black dots – medium strength resistnace
Red dots – maximum strength resistance
Green lines – expected path
EUR/USD is expected to bounce towards the 38% Fibonacci retracement of the last leg down from 1.15. Price should approach the 1.13 level. This level is not only the 38% Fibonacci retracement of the decline but also the previous lows that was once support and now resistance. Price remains inside a longer-term bearish channel and we remain bearish looking for a price drop below 1.10 as long as we trade below 1.15.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD has reached our downside targets and it loos like it is preparing at least a short-term bounce towards 1.13. Trend remains bearish. Traders should continue to focus on the downside and not try to trade the upside.
Black dots – medium strength resistnace
Red dots – maximum strength resistance
Green lines – expected path
EUR/USD is expected to bounce towards the 38% Fibonacci retracement of the last leg down from 1.15. Price should approach the 1.13 level. This level is not only the 38% Fibonacci retracement of the decline but also the previous lows that was once support and now resistance. Price remains inside a longer-term bearish channel and we remain bearish looking for a price drop below 1.10 as long as we trade below 1.15.
The material has been provided by InstaForex Company – www.instaforex.com
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