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EUR / USD is trading in a narrow range

Nov 7 2019, 04:08 PM (BDT) | Fortfs.com

The European currency remains under pressure from the dollar. At the same time, the market still lacks important economic news that could have a strong impact on trading. In our opinion, this is a good chance for local recovery of the EUR / USD pair, but due to the lack of news, trading volatility is most likely to be limited.

In the European economic calendar today, two news can be noted - the ECB's monthly report and the EU's new economic forecasts. As a rule, these events have a weak effect on the dynamics of the market.

In the US, it is worth paying attention to the publication of a weekly report on the change in the number of applications for unemployment benefits and a speech by FOMC member Kaplan.

On the chart, the price broke support at the level of 1.1065, but could not develop this success. There remains a high probability of the formation of a reversal signal "false breakdown". In this case, the next target for price movement will be the level of 1.1130. But while the price is kept below the level of 1.1065, the priority remains the option of reducing the price to 1.1000.

Resistance levels: 1.1070, 1.1100, 1.1130.

Support levels: 1.1060, 1.1025, 1.1000

The main scenario is a decline to 1.1025.

An alternative scenario is a return to the level of 1.1065 and an increase to 1.1130.

At the moment, a neutral news background has been formed on the market. There are no clear signals on the chart to enter the market yet. Longs should be considered after the price returns for the level of 1.1065. Shorts should be considered at a rollback, after updating today's low bid.

 

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