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MT5.com - November 8, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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Forex Analysis:::2019-11-08

November 8, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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On September 13, the EUR/USD started trending-down within the previous short-term bearish channel until an Inverted Head & Shoulders Pattern was demonstrated around 1.0880 on October 1.

Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the depicted bullish trend.

On October 7, a sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before further bullish movement was resumed towards 1.1175 where the previous bearish movement was recently originated.

Two weeks ago, the short-term technical outlook has temporarily turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).

On the other hand, the price zone around 1.1175 - 1.1190 stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.

Hence, a long-term Double-Top pattern is being demonstrated with neckline located around 1.1075-1.1090 which offered bearish rejection upon retesting Yesterday.

Quick bearish decline should be expected towards 1.1025 and 1.0995 provided that the current bearish breakout below 1.1090-1.1070 is maintained on a daily basis.

Any bullish pullback towards 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.

Mohamed Samy
Analyst InstaForex
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