EURUSD Daily Forecast Nov 06 2018

EURO - dollar - 65985-

EURUSD: Recovers With Caution!

As long as 1.1360 support holds on a daily closing basis, the EURUSD remains in a recovery mode and further upside is likely. But the upside move above 1.1360 should be limited by 1.1415 level where rejection is likely. However; above 1.1415 will extend the corrective recovery to 1.1455 level. Above 1.1455 aims 1.1549 level.

On the downside, a failure to hold above 1.1415 on a daily closing basis could mean a return to 1.1460 level. A cut through 1.14160 should weaken recent recovery and turn the focus on 1.1390 level. Below 1.1390 will restore the downside momentum and pave the way to 1.1200 level ( weekly target), further down, support comes at 1.1100 level.

Conclusion: The EURUSD still sees recovery threats above 1.1360 level but with caution!

Support: 1.1460, 1.1390, 1.1200, 1.1100

Resistance: 1.1415, 1.1455, 1.1549, 1.1605blank