EUR/USD broke lower

EUR/USD broke lower

2019-11-11 • Updated

Trade idea

SELL 1.1030; TP 1.1000; SL 1.1040

EUR/USD has dived below support at 1.1100 and 1.1050 resuming the longer-term downtrend. The longer-term target seems to be at 1.0820 (78.6% Fibo of the 2016-2018 advance) after the pair settled below the 61.8% Fibo retracement at 1.1185. As for the near-term, the “Head and Shoulders” pattern implies that the targets are not yet reached - 1.1000 and 1.0950. The pair’s still not oversold. 

The market is awaiting an increase in ISM Manufacturing PMI. The USD is strengthening as the Federal Reserve wasn’t as dovish as expected.

EURUSD.png

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