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  4. EURUSD looking to short in the confluence above

EURUSD looking to short in the confluence above

November 10, 2015 08:27

The EURUSD dropped like a stone after much better than expected NFP report hitting 1.0710 a historical support which holds the price from proceeding lower. The trend is clear and we also need to watch a possible position where we could enter another sell. H3, WPP, EMA 89 and the top of the equidistant channel mark the zone where we could expect another rejection. The zone is 1.0820-35. A rejection from the zone should target 1.0710 initially. 1.0706 is double bottom so a strong break of 1.0705 should accelerate the price towards 1.0670-50 (Monthly L3 support and Weekly L3 confluence).

Learn about EUR/USD historical relationship.

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