EURUSD Potential Triple Bottom. How to trade November.

EURUSD is having a new sell-off following the Fed Rate Decision yesterday. From a fundamental perspective, the market won't stabilize until the Nonfarm Payrolls report is released on Friday. Until then, from a technical stand-point, we may have a Triple Bottom formation if today's session closes above the 1.15220 Support. If it does, it is more likely to see the pair rebound back towards the 1.16900 Resistance but buyers should target a little lower (e.g. 1.16700) as the 1D MA50 (red trend-line) is currently at 1.16900 but falling.

Basically the Higher Highs trend-line since October 04 along with the 1.15220 Support, form a Triangle pattern, so until it breaks, the trades should be sell at the top buy at the bottom. Practically a break above the 0.5 Fibonacci retracement level (1.1716) justifies further buying above the Triangle. Similarly a break below the 1.1520 Support calls for a sell break-out towards the long-term Lower Lows trend-line of June (rough estimate 1.14470).



--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------