EURUSD technical analysis for the week from 28/10/2019-01/11/2019


Technical analysis

After ending of the fifth wave in an intermediate degree at 1.2556 in feb 2018, EURUSD has been correcting since that time until today, and according to our technical point of view, the correction of A leg after that mentioned impulsive up move is probably ended at 1.0870 and now, EURUSD is approaching again to the 200 DMA at D1 TF. The highest level has EURUSD reached at 1.11795 and it is correcting now to 1.1073, whereat 1.1060 is the 1st support zone (38.2%). Technically it is possible that a five wave in a diagonal pattern could be formed now, if so, then we will look for a further lower retracement/pullback to 1.1000-1.1030 price levels (61.8% fibs or lower).

So long scenario for EURUSD is more preferring here than for a short scenario for EURUSD in the coming time. Trading entries points for a middle term we can start from the 38.2% retracement level at 1.1060 and further lower to 61.8% retracement. PnL we can take its recently lowest level at 1.0870 as stop loss, and take profits we have seen that the 1.12030 should be the first take profit zone. Higher profit taking price zones are at 1.14000 and 1.1530 at least.




Take your look at the depicted charts for more info:









So we stay with bullish scenario for EURUSD for a middle up to long term scenario. As the down side for a short term is just as a piece short of time, hence the risk and reward range is very small and will not be taken to this analysis. For a shorter term trading strategy for EURUSD, we will monitor it in the coming time.

Trade well!
tradingscenes team

Thông tin thành viên
Forex, stocks, commodities Trader & Markets Analyst. Makkaba Co., Ltd. ST&C

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