$EURUSD

The pair has formed both a hammer and an inverted hammer bar on the H4 time frame at 1.1730. I think that is a good indication that the support at that level will hold.
 
EUR/USD is testing 1.1670 again, which is the resistance of the sideways range. Frankly, I doubt there will be a breakout before the NFP, but then again, stranger things have happened.
 
EUR/USD is testing the support at 1.1570. It may be forming a double bottom at that level and if that is the case we will likely see a new move to the upside.
 
EUR/USD did break out below the double bottom at 1.1570 but it was only briefly and now it is back above the support. Clearly the sideways consolidation continues.
 
mlawson71 said:
EUR/USD did break out below the double bottom at 1.1570 but it was only briefly and now it is back above the support. Clearly the sideways consolidation continues.
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Sorry but there is zero double bottom at 1.1570. Neither there is a support until 1.12/1.13. Keep in mind the big picture : H&S. Long dollar until 1.12/1.13.
Maybe a last rebound / dead cat bounce @1.1750 / 1.18 before the plunge?

CM

upload_2017-11-8_16-34-49.png
 
The (MA)89 indicator on my W1 chart is at 1.1300 at the moment, and it usually is a good indication for a support or resistance level, so I agree that there's a support level there.
That said, you were right that there was no double bottom. We'll see how it will develop.
 
mlawson71 said:
So much about another drop. The way it's rallying it could reach 1.1900 or even climb above it soon.
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Looks like a dead cat bounce...
I thought rebound would be max 1.1750 / 1.1800 ! cf my precedent post.
Right shoulder confirmed if EURUSD stays below 1.1885.
Wait and see...

CM

upload_2017-11-15_16-25-51.png
 
There was a pullback from 1.1860 which is normal after such a sharp rally, but now the question is whether that rally will continue because the pullback also formed a shooting star candlestick on the daily time frame. A breakout above 1.1860 will confirm the further bullish movement.
 
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