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MT5.com - Indicator analysis. Daily review on November 8, 2019, on the EUR / USD currency pair.

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Forex Analysis:::2019-11-08

Indicator analysis. Daily review on November 8, 2019, on the EUR / USD currency pair.

Trend analysis (Fig. 1).

On Friday, the market, moving down, will try to reach a pullback level of 50% - 1.1031 (red dashed line) and, if successful, can continue to move down with the target of 1.0995 - a pullback level of 61.8% (red dashed line), but this is most likely to happen only after lunch. Before lunch, there will be a rolling movement up or the side channel.

analytics5dc506dd875c6.png

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger Lines - up;

- Weekly schedule - down.

General conclusion:

On Friday, a downward movement is possible.

The lower target is a retracement level of 50% - 1.1031 (red dashed line) and, if successful, can continue to move down, with a target of 1.0995 - a retracement level of 61.8% (red dashed line), but this is most likely to happen only after lunch. Before lunch, there will be a rolling movement up or the side channel.

An unlikely scenario - all day moving up to the target 1.1084 - retracement level of 38.2% (blue dashed line).

Stefan Doll
Analyst InstaForex
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