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Fundamental analysis

EURUSD Intraday Bullish Above 1.1431

OctaFx | Nov. 7, 2018
EURUSD Intraday Bullish Above 1.1431

The euro currency is trading sharply higher against the US dollar in early Wednesday trade, following the results of the US mid-term elections. Will the upward movement last? EURUSD technical analysis reveals.

November 7, OctaFX – The EURUSD pair is strongly bullish while trading above the 1.1431 level, with traders now watching the inverted head and shoulders pattern across the four-hour time frame.

Despite the bullish break higher, the EURUSD pair still faces key risk-events from EU Retail Sales and the FOMC policy meeting later this week.

EURUSD Technical Analysis

The EURUSD had a volatile Asian session with the pair fluctuating between the 1.1472 and 1.1395 level. This is as the results from the US elections started to stream in.

With no major economic data expected today from Europe and the US, the pair’s movements will be dictated by reactions to the Midterms. The pair is now trading at 1.1445, which is slightly higher than today’s low.

The ADX indicator is currently at 26, an indicator that the current upward movement will not last.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.