EUR/USD Bullish order block marks the support

November 03, 2016 08:09

As explained in yesterday's article the main reason for USD weakness now is de-risking ahead of elections. Adding to lower than expected US ADP, we might assume that NFP too, will be lower then expected, but it remains to be seen tomorrow. Full article on US elections can be read here.

Technically the EUR/USD is rejecting from clear resistance marked with H4 camarilla and trend line. For bulls breakout can happen only above 1.1135 (4h close or h1 momentum break) towards 1.1170. Positional longs are located within POC 1.1040-50 (L4, trend line, EMA89, bullish order block) with 1.1020 as X cross ™ support. Break below 1.1020 would target 1.0960 and possible reversal.

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