EUR/USD, Wednesday forecast, November 6

Today, there is no important news for the market, so trading is going to be technical.

Forecast and technical analysis

Uptrend

The uptrend may be expected to continue, while the EUR/USD pair is trading above support level 1.1072, which will be followed by reaching resistance level 1.1128.

Downtrend

A downtrend will start as soon, as the EUR/USD pair drops below support level 1.1063, which will be followed by moving down to support level 1.1029.

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Weekly forecast: November 4 - 8

This year oil inventories oversupplied against 5 years inventories that can push oil prices down. At the same time during the US-China trade war, we still do not see world economic recovery, the Eurozone Manufacturing PMI is below 50 points that is saying a lot about the EU recession.

Most important news of this week

• Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
• Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI; API Crude Oil Stock
• Wednesday: EU Markit Composite PMI; Services PMI; Crude Oil Inventories
• Thursday: EU Eurogroup Meeting
• Friday: EU Finance Ministers Meeting;

Forecast and technical analysis

Downtrend

The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072.

Uptrend

An uptrend will start as soon, as the EUR/USD pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1249 - 1.1370.

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Monthly forecast, November - December

Downtrend

The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072 and if it keeps on moving down below that level, we may expect the EUR/USD pair to reach support level 1.0940, which in other case, markets can have correction back to resistance 1.1200.

Uptrend

The uptrend may be expected to continue in case the market rises above resistance level 1.1200, which will be followed by reaching resistance level 1.1370.

(Click on image to enlarge)