Analysis of EUR/USD for November 06, 2017

Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1588. According to the 15M time-frame, I found that price is trading below the pivot level (1.1633), which is a sign that sellers are in control. I also found bearish breakout of intraday trading range, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward targets are set at the price of 1.1542 (pivot support 2) and 1.1485 (pivot support 3, extreme target).

Resistance levels:

R1: 1.1667

R2: 1.1725

R3: 1.1760

Support levels:

S1: 1.1575

S2: 1.1541

S3: 1.1485

Trading recommendations for today: watch for potential selling opportunities.

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