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  • EUR/USD, Wednesday forecast, November 6
    Today no any important news for market, so trading going to be technical.

    Forecast and technical analysis
    Uptrend
    The uptrend may be expected to continue, while pair is trading above support level 1.1072, which will be followed by reaching resistance level 1.1128.
    Downtrend
    An downtrend will start as soon, as the pair drops below support level 1.1063, which will be followed by moving down to support level 1.1029.

    Weekly forecast: November 4 – 8
    Fed Chairman Jerome Powell said that FED will not continue to decrease % rates and take a pause, that is positive signal for dollar for long-term perspective. Same time we can see Manufacturing PMI recovery above 51 points, that showing strength of US economy, when same time EU PMI below 50 points level, that saying about Euro zone recession.

    Most important news of this week
    Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
    Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI; API Crude Oil Stock
    Wednesday: EU Markit Composite PMI; Services PMI; Crude Oil Inventories
    Thursday: EU Eurogroup Meeting
    Friday: EU Finance Ministers Meeting;

    Forecast and technical analysis
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1249 – 1.1370.

    Monthly forecast, November – December
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072 and if it keeps on moving down below that level, we may expect the pair to reach support level 1.0940, in other case market can have correction back to resistance 1.1200.
    Uptrend
    The uptrend may be expected to continue in case the market rises above resistance level 1.1200, which will be followed by reaching resistance level 1.1370.

Forecast based on “Strategist” trading system

Trading signals based on forecast

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