EUR/USD Bullish Order Block Marks The Support

Daily Forex Technicals |

Written by Admiral Markets |

Nov 03 16 09:51 GMT

As explained in yesterday’s article the main reason for USD weakness now is de-risking ahead of elections. Adding to lower than expected US ADP, we might assume that NFP too, will be lower then expected, but it remains to be seen tomorrow. Full article on US elections can be read here.

Technically the EUR/USD is rejecting from clear resistance marked with H4 camarilla and trend line. For bulls breakout can happen only above 1.1135 (4h close or h1 momentum break) towards 1.1170. Positional longs are located within POC 1.1040-50 (L4, trend line, EMA89, bullish order block) with 1.1020 as X cross ™ support. Break below 1.1020 would target 1.0960 and possible reversal.

About the Author

Admiral Markets

Notes

The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces.

One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective.

As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication.

The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions.

In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan – on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.

EUR/USD Bullish Order Block Marks The Support