EURUSD Technical analysis
EURUSD cross has reached a crucial area below 1.1680, which can be decisive for understanding the direction to take. In fact here is the head and shoulder neckline, formed on the chart daily, which still needs to be confirmed.
Confirmation would be with the rebound from this area. Exceeding it would not only cancel the Forex figure, but it could bring the Pair to September levels. Considering that the chart is on candles every day, when it comes to overcoming, it should be kept until the end of the day. More specifically, the candle should end at the end of the day on the neckline.
For those who prefer a bullish option the points to consider for the EURUSD cross could be the neckline (1.1680 area) and 1.1769 (the high point of the channel). In the event of a continuing movement, the other two points that might be worth resisting are 1,1816 and 1,1888.
The next stand, however, identifiable on the bearish movement of the Pair may be before 1,1590 (end of November 7) and then 1,1555 (minimum of 3 months). Subsequently the cross could go to test the lowest point of the bearish channel (1.1515), after which it could also target 1.14.
Trend Bullish: 1,1680 (neckline) – 1,1769 – 1,1816 – 1,1888.
Trend Bearish: 1,1590 – 1,1555 – 1,1515 – 1,14.