Weekly Technical Outlook: EUR/USD; Market Forecasts for November 6th – November 10th

• Resistance level 1681, 1.1738, 1.1772
• Pivot Level 1625
• Support Level  1.1590

Technical Analysis

The EUR/USD pair is looking for consolidation pattern from the 1.1590 levels. The pair is still in progress with support holding the levels at the price action producing strong bullish momentum. At the close of the week, the candle made some pullback indicating a shift in momentum to upside bias with pair closing above the break of the trend line. The pair looks for corrective upward bias with price action confirming the bullish movement medium term.The rally is still in progress from current levels with pair finding support and oscillator still above the 18.0 level. An upward momentum is looking towards sustained trading above the 1.1625 level will confirm strong long-term momentum. This will remain the favored case as long as support holds and would pave the way to reach this level. The pair breaking here can expect levels of the 1.1681 and later to 1.1738. The pair’s outlook remains bullish for the week.

Economic

• Markit Services PMI, Producer Price Index, Eurogroup meeting
• Non-monetary policy’s ECB meeting, Economic Bulletin
• JOLTS Job Openings, Initial Jobless Claims, Continuing Jobless Claims
• Michigan Consumer Sentiment Index

Area of Interest

• Strong support at 1.1590 area and closed above support levels.
• Bullish momentum with two bar reversal and pair strongly closing above the support area.
• Price action closed above the break of the trend line and oscillator above 18.0 levels indicating a shift in momentum.

At Flip Area on Daily timeframe support levels.