Technical Market Outlook:
After the EUR/USD pair had made another local low at the level of 1.1602, the price bounced towards the new local high seen at the level of 1.1814 which is inside of the main descending channel. The momentum is positive and the market conditions at the H4 time frame chart are bouncing from the extremely oversold levels, so please keep an eye on a temporary rebound. The nearest technical resistance is seen at the level of 1.1870. Bears are in full control of the market and the weekly outlook is bearish despite the election night in the USA.
USA-ELECTION
The US presidential elections result is still uncertain and the volatility on all US Dollar pairs has increased.
Weekly Pivot Points:
WR3 - 1.1930
WR2 - 1.1870
WR1 - 1.1810
Weekly Pivot - 1.1698
WS1 - 1.1720
WS2 - 1.1610
WS3 - 1.524
After the EUR/USD pair had made another local low at the level of 1.1602, the price bounced towards the new local high seen at the level of 1.1814 which is inside of the main descending channel. The momentum is positive and the market conditions at the H4 time frame chart are bouncing from the extremely oversold levels, so please keep an eye on a temporary rebound. The nearest technical resistance is seen at the level of 1.1870. Bears are in full control of the market and the weekly outlook is bearish despite the election night in the USA.
USA-ELECTION
The US presidential elections result is still uncertain and the volatility on all US Dollar pairs has increased.
Weekly Pivot Points:
WR3 - 1.1930
WR2 - 1.1870
WR1 - 1.1810
Weekly Pivot - 1.1698
WS1 - 1.1720
WS2 - 1.1610
WS3 - 1.524