Daily analytical report (31/10/17)

  • EURUSD is about to use the recent support as the closest resistance. That would be a very beautiful price action movement. The price is approaching the neckline of the huge H&S formation, where we could possibly see a bearish reversal, confirming the main sell signal on this instrument, which was triggered last Thursday.
  • EURGBP, after bouncing from the 50% Fibonacci and breaking the long-term upwards trend line, is approaching the long-term support at 0.875. We still have 40 pips to go until we get there, which makes it a decent short-term trading occasion.
  • Silver used the 16.8 USD/oz again; this time as a resistance. This level has been with us for few months and had already been respected multiple times. This time, it has a chance to start a new downswing aiming at the 16.55 support.

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