Exclusive EUR/USD Analysis 07.11.2016

EUR/USD Riding The Descending Trend Line

USD strength was witnessed over the Asia session earlier today as the FBI cleared Clinton on the email issue.  Weaker than expected Factory Orders in Germany has lead to some weakness in the EUR.  I expect USD strength to continue against the EUR, however, by mindful that the US elections are tomorrow, and any hint that Trump could win the primary votes could send the USD lower again.

Technically any pre election risk off sentiment could spike the price up, but generally speaking POC zone is a good spot for possible new shorts. 1.1075-1.1090 (WPP, EMA89, L3, trend line, symmetrical triangle lower boundary) could tank the price again towards 1.1039 (bullish order block-historical) and 1.1025. The pair is currently riding down the trendline and any 1h momentum or 4h close below 1.1020 could further weaken the pair towards 1.0985 and 1.0930.

US election is getting very close and in the case of USD weakness watch out for 1.1135 breakout to the upside towards 1.1190.


Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.