FX.co ★ Technical analysis of EUR/USD pair for the month of November

Trend analysis

This month, we expect the decline to continue with the first goal at 1.1579 - the historical support level (blue dotted line). If this level is broken down, the next downside goal will be the level of 1.1484 is the 38.2% - a pullback level (red dotted line). It is highly likely that the US presidential election will affect the price movement.

Figure: 1 (monthly chart).

Indicator analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - down;

A decline can be concluded based on the comprehensive analysis.

The overall result of calculating the candlestick of the EUR/USD pair on the monthly chart: the price will most likely have a downward trend this month, without the first upper shadow (the first week of the month - bottom) in the monthly black candlestick and second lower shadow (last week - black).

General scenario: a decline from the level of 1.1647 (closing of the October monthly candlestick) with the goal at 1.1579 - the historical support level (blue dotted line) is likely. If this level breaks down, the next downside goal will be 1.1484 - pullback level of 38.2% (red dotted line). An alternative scenario, in turn, will be considered depending on the results of the US elections.

An alternative scenario: growth from the level of 1.1647 (closing of the monthly candlestick in October) with the goal at 1.1762 - a pullback level of 38.2% (blue dotted line). If this level is broken upwards, the next upside goal will be the level of 1.1896 - resistance line (black bold line).