EUR/USD trading talks November 06
The EUR/USD pair continues to grow. The resistance level of 1.07000 was very confidently broken with continued growth to 1.07500. The current resistance can be visualized as the EMA 100 and EMA 200 lines on the daily chart. Despite the fact that they have already been passed, for now I would not rule out a possible false breakout. This is evidenced by the weak MACD divergence on the hourly chart and the continued intersection of EMA 100 and EMA 200 in the direction of further decline. That is, I can conclude that in the short term a decline is possible under the influence of resistance levels and also some overbought market conditions after a sharp increase and destruction of the downward trend. But in a four-hour and daily perspective, I see a high probability of reaching the resistance level at the 200 weekly EMA, which is now in the resistance area of 1.08200. This level will later become a marker level for further growth to 1.10000 and 1.11000. If the short-term correction is too deep and creates conditions for selling, then the level of 1.06375 will likely be reached again and will be a marker for a further fall to 1.05300.
Probably today the market will begin to move as part of a short-term drawdown, so I will closely monitor market processes and if the trading conditions and the indicators of the algorithms are appropriate, then I will consider the opportunity to trade on the movements described above.
