EURUSD Analysis November 2015 (W)

The EURUSD has traded down as expected recently and is now at the first area noted for a low to come in. let’s quickly revisit the weekly chart.
 

EURUSD WEEKLY CHART 

 
The Bollinger Bands show price dropping like a rock down to the lower band. It is possible for price to drop even further and push into the lower band but I favour prie bouncing straight off and heading back up. Let’s see.
 
Previous analysis outlined the potential for a broadening top formation but I currently doubt that scenario and prefer to see a higher put in place now.
 
I have added Fibonacci retracement levels of the most recent move up. This has been shown in previous analysis with the expectation for a deep retracement and price has done just that by clipping the 88.6% level which stands at 1.0912.
 
I have added a Fibonacci Fan which shows the low last week was bang on support from the 88.6% angle. That looks like a nice set up for low.
 
The Stochastic and MACD indicators are both bearish so some caution needs to be heeded but they should resolve themselves should price head back up now.
 
There is no change to the final bear rally target being around the 1.26 mark as outlined in previous analysis.
 
 

Disclaimer

All information contained in this website is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.

JoomShaper