5 November EUR/USD outlook

Bearish trend was indicated on both MACD and Stochastic oscillators on Thursday, November 1st. Also “Gravestone” candle was formed on daily timeframe on October 31st, which is considered to be a bearish signal. Long term trend is considered to stand on bearish bias. Currently the pair stands on the following critical levels: R2- 1.2989 R1- 1.2906 P- 1.2862 S1- 1.2779 S2- 1.2735 As long as the pair stands below the daily pivot at 1.2862, the pair stands on bearish bias down to 1.2779. However breaking above 1.2862 traders could expect targets towards 1.2989 level. R=Resistance P= Daily Pivot S= Support