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EURUSD Daily Forecast: November 07

EURUSD Daily Forecast: November 07
Wednesday, November 7th, 2018 @ 4:08 am by Setyo Wibowo

About Setyo Wibowo:

Setyo Wibowo Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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EURUSD Forecast    
The EURUSD had a significant bullish momentum earlier today in Asian session, slipped above 1.1455, hit 1.1473. This fact invalidates the bearish pin bar scenario and keep the short-term bullish bias since bounced from 1.1300 key support alive and kicking. Price also slipped above a trend line resistance as you can see on my daily chart below. A consistent movement above the trend line would give further confirmation to the bullish bias. The bias is bullish in nearest term testing 1.1500 – 1.1530 area. A clear break and daily close above that area could easily target 1.1620 level. Immediate support is seen around 1.1400. A clear break below that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, key support remains at 1.1300. A clear break below that area would reactivate my bearish mode.

eurusddaily

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