Analysis and forecasts for EUR / USD 02/11/15

FX:EURUSD   Euro / U.S. Dollar
The outlook for EUR / USD:
The currency pair is currently in revision, which reached the level of 1.1073, negating the whole declines that occurred after the release of the FOMC statement. Then there was profit-taking. The situation on the currency pair has not changed namely after completing the correction we should see further declines. (Supported by supply will be waiting on the next actions of the ECB and the Fed). The maximum range for the demand side should be the resistance zone extending between 1.1073 and 1.1138 (peak of 23 October). Only break of said resistance can lead to the development of a larger correction, which at the moment is not the preferred option.

In the case of inheritance course discussed the currency pair should head for the last low at 1.0896. Further support to define minimums of 5 and August 7, respectively, 1.0847 and 1.0854. If allowed to break, the market will head towards the next level 1,0808-10.

In my opinion higher price levels, they may prove to be a great opportunity to open short positions with TP 1.0810 and SL 1.1145.


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