EURUSD Technical analysis 08.11.2018

The single currency of the European Union region rose during the US session, its highest since October 22 against the US dollar following developments and economic data on Wednesday on the eurozone economies. Following the release of the results of the midterm elections of the US Congress and on the eve of the start of the meeting Federal Open Market Committee on Wednesday and Thursday in Washington

The EURUSD rose 0.32% to 1.1463, compared to the opening levels at 1.1427 after the pair reached a two-week high of 1.1500, while the session reached a low of 1.1395.

Investors are looking to kick off the FOMC meeting on November 7 and 8, where monetary policy makers are expected to keep short-term benchmark interest rates at between 2.00% and 2.25% following interest rate hikes On federal funds by 25 basis points for the third time this year at the previous meeting of the Federal Commission.

The EUR / USD pair rebounded after testing the 1.1500 barrier to fluctuate around the pivotal support 1.1443, which requires attention from the upcoming trades as the price needs to stabilize above this level to keep the bullish scenario intact for the coming period, while breaching it will return the price to the downside. His first negative target is at 1.1300

The Stochastic is giving negative trading signals, and this strengthens the Bollinger index as the trades are below the average line. At the same time, SMA 50 is pressuring the price to fall

Support Points:

Resistance: 1.1450-1.1525-1.1600

Support 1.1380-1.1300-1.1250