Intraday technical levels and trading recommendations for EUR/USD for November 9, 2018
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On October 10, the recent bearish decline below 1.1520 found its way towards the price level of 1.1420 where temporary bullish pressure was pushing the EUR/USD pair above 1.1520. Hence, a descending high was established around 1.1600.
However, by the end of last week’s consolidations, the recent bullish recovery was demonstrated around 1.1307 leading to another bullish breakout above 1.1400.
This enhanced further advancement towards the price level of 1.1500 where the current bearish decline was initiated.
For the bearish side of the market to remain dominant, the EUR/USD pair should continue trading below the price level of 1.1400.
Initial bearish targets are located around 1.1275 and 1.1100 if sufficient bearish pressure is demonstrated below 1.1300.
For conservative traders, any bullish pullback towards the price level of 1.1400 should be considered for a valid SELL entry. S/L to be located above 1.1480.