Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/USD started November with growth and gained 0.24% to 1.1583. Earlier the pair had been declining for 3 days in a row as the dollar was rising and Treasury yields were rising expecting the Fed tapering to start.
EUR/USD,D1
Pivot: 1.1604
Analysis:
While the price is below 1.1690, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1604
- Take Profit 1: 1.1490
- Take Profit 2: 1.1410
Alternative scenario:
If the level 1.1690 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1690
- Take Profit 1: 1.1775
- Take Profit 2: 1.1910
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.1910 | 1.1490 |
| 1.1775 | 1.1410 |
| 1.1690 | 1.1360 |
