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Market Analysis

Home » Featured » EURUSD Technical Analysis for November 16, 2015

EURUSD Technical Analysis for November 16, 2015

Posted by FXTimes in Featured - November 16th, 2015 7:07 am GMT

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Chart setups:
The daily chart structure presented here still reflects a potential/probable ABC structure unfolding, which could push prices higher above 1.1700 levels in the sessions to come. The pair is stalling at a fibonacci 0.786 support and has also formed a potential Morning Star bullish reversal candlestick pattern before closing last weeks’ trade. The pair seems to be testing last weeks’ lows again before resuming rally here. Believe it or not, that move could take many Euro bears by a surprise. Bulls could remain in control till prices stay broadly above 1.0500 levels. Immediate support is seen at 1.0650 levels, followed by 1.0500, while resistance is seen at 1.1082 and higher respectively. Please note that the RSI is also turning north from 30 levels for now.
Trading recommendations:
Long now, stop at 1.0650, target is open.
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