EURUSD Technical Analysis 03.11.2016

EURUSD

The pair has reached a local maximum of 1.1115 among the avoidance of risks among investors but should the situation change and investors prefer to wait, the pair may correct and start consolidating within the range before the 8th of November. However, the continuation of selling on the risk asset market can also push the pair up.

The price is higher than the middle Bollinger band, higher than SМА 5 and SMA 14. RSI resides in the overbought zone. Stoch are turning upwards.

Trading recommendations: If the price falls lower than 1.1115, a further fall to 1.1070 can be expected. At the same time, a negative mood on the market will push the pair to the upper border of the short-term downside trend 1.1200.