EURUSD Week of Nov 8 – 12 Outlook
Recap of last week
The yellow zone mentioned the week before acted as resistance as expected. It did not produce any useful sell signal however and the leg up triggered a buy and expected to the 50% upside weekly expansion target. It was a very easy ride as EURUSD did not stall much at the red zone, making it more likely to finish the up leg at the first target.
After hitting the upside target the pair issued a 1-2-3 sell off 4 hours visible on the chart here. That points to testing previous week low and that too has been completed.
Next week outlook
As upside and downside objectives are met within the week, it is likely the pair will go nowhere this week. The immediate downside target is the previous week low but there is not much time to act on that if it drops quickly to that.
I guess opportunities in forex will have to come from somewhere else this week.