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Home » Featured » EURUSD, Technical Analysis for November 09, 2015

EURUSD, Technical Analysis for November 09, 2015

Posted by FXTimes in Featured - November 9th, 2015 7:31 am GMT

Chart setups:
A daily chart view between May and November 2015 has been reviewed here to look into high probabilities wave structure. The pair could still be unfolding into a potential bullish leg, till the fibonacci 0.786 holds true. On the flip side, a sustained drop below 1.0700 levels could push prices below 1.0500 and lower. Please note that the drop from 1.1700 levels looks to be corrective in nature and a bullish reversal from here, could push the pair higher towards 1.2000 levels as well. Immediate support is seen at 1.0650 levels, followed by 1.0500, while resistance is seen at 1.1100 levels and higher respectively. Please also note that RSI is holding on to 30 levels, and a turn here could be encouraging to bulls.
Trading recommendations:
Flat for now. Watch out for a bullish reversal before getting long.
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