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EURUSD Daily Forecast: November 08

EURUSD Daily Forecast: November 08
Thursday, November 8th, 2018 @ 4:40 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 attempted to push higher yesterday topped at 1.1499 but closed lower at 1.1425, printed another bearish pin bar as you can see on my daily chart below. This is an interesting yet conflicting situation. The bullish phase since bounced from 1.1300 key support remains valid, but bearish pin bar reflects bullish rejection. The bias is neutral in nearest term probably with a little bearish bias testing 1.1360 support area. A clear break and daily close below that area would easily retest 1.1300 key support which need to be clearly broken to the downside to reactivate my bearish mode. Immediate resistance is seen around 1.1500 region. A clear break above that area would once again invalidate the bearish pin bar scenario targeting 1.1620 region.


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