FX.co ★ Technical analysis of EUR/USD for November 2, 2015

Overview:

• The EUR/USD pair has rebounded from the minor support at the level of 1.1000. Now, it is approaching its support in order to test it. But as it is shown on the chart, the price has opened above the gap at the level of 1.1025. Moreover, the price of 1.0998 represents the weekly pivot point. Equally important, the weekly pivot point coincides with the ratio of 50% Fibonacci retracement levels on the H1 chart. Consequently, it will probably start upside movement in this area and recover again. Therefore, it will be a good sign to sell at this spot with the first target of 1.1052 and continue towards 1.1100 (this level will form the weekly support 1). On the other hand, in case of a break of 1.0990, a good place for stop loss will be below 1.0970.

Observations:

• The EUR/USD pair was calling for the bearish market from the level of 1.1000 today.
• The weekly pivot point will be set at the price of 1.0998.
• The level of 1.1000 represents resistance 1.
• If the trend is of an upside character, the strength of the currency will be defined as following: EUR is in the uptrend and USD is in the downtrend.