Forex Analysis Report 11-11-18...More Pain In Store For The EUR/USD (Update)
I spoke about the EUR/USD twice since 10-4-18:
The chart now suggest price will pull back, then head further South to the weekly demand zone at 1.1170.
The chart on the EURUSD suggest, price has room to at least move down to 1.1301 which aligns with the pivot low on the weekly chart.
The Euro continues to sell off against the US dollar due to problems between the European Union and the Italian government and the hawkish U.S. Federal Reserve.
On the weekly chart, as the chart suggested, price did come down to that pivot low.
The European Commission continues to contend that Italy’s growth forecasts are far too high to justify their proposed deficit, while Italy claims that the European Commission is using a sub-optimal forecast model. On Tues., a revised budget is due from Italy. If the deadline passes without a resolution, the Euro could suffer.
On the daily chart, when price came down to the weekly pivot, it formed a demand zone, but price couldn't close above the previous highs. Thus, the chart suggests, price will breached this daily supply and continue to fall.
NOTE: an error was made, in the chart above the zone at 1.1325 is a daily demand zone, not a monthly demand zone. As expected, the zone was breached this morning.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
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