EURUSD Weekly Outlook November 5, 2018

In the previous week our trade idea was to sell this pair and we got the move down as expected. It reached the levels of 1.1295-1.1300 and turned around. However it doesn’t seem to be a long term trend reversal. Our long term downtrend target is around 1.10500 – 1.1100 zone from where the future trend of this pair will be re-assessed.

In the meanwhile we are expecting a short term upside correction or it can stay in between the range from 1.1290 to 1.1460 & 1.1530 in extension.

So the possible short term upside targets are 1.1460 & 1.1530 from where we can see the continuation of the downtrend.