EURUSD Weekly Forecast Nov 05 2018

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EURUSD: Bearish, Risk Remains To 1.1200 Level.

As long as 1.1549 resistance holds on a weekly closing basis, the EURUSD remains on the downside to 1.1200 levels. A halt is likely, it may test 1.1335 level before a lower leg below 1.1200. However; a cut through 1.1200 would open 1.1040, further down, support comes at 1.0855 level.

On the upside, a failure to hold below 1.1335 on a weekly closing basis could mean a return to 1.1545 level. A halt is likely, it should turn lower from here, but a weekly closing above that level will turn outlook neutral for testing 1.1814 level where rejection is also likely, above 1.1814 will extend the corrective recovery to 1.2054 level.

Conclusion: The EURUSD sees downside threats below 1.1549 level in the medium-term forecast.

Support: 1.1335, 1.1200, 1.1040

Resistance: 1.1549, 1.1814, 1.2054

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