Trading plan for EUR/USD for November 08, 2019

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Technical outlook:

The EUR/USD pair has reached the first anticipated support level around 1.1030. Please note that there is a convergence seen around current price with 50% retracement of a rally between 1.0879 and 1.1180 and the 38.2% extension of the counter trend drop. Fibonacci convergence zones are a potential turnaround points. Hence, watch out for bullish reversal candlestick patterns here. If long positions have already been initiated earlier, continue holding them while look to add further around these levels on a bullish bounce. Immediate price support is seen at 1.0994 levels, the fibonacci 0.618 support of the previous rally, while resistance is at 1.1100 levels. A push beyond 1.1100 would confirm that a meaningful bottom has been formed and that bulls are back in control. Please note that EUR/USD remains bullish until 1.0879 support holds.

Trading plan:

Remain long against 1.0879 levels, target is open

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com