EUR-USD Technical Analysis 07-Nov-2020

We thought a big move downward in the early last week would continue further downward EUR-USD Technical Analysis 01-Nov-2020 - but instead it swing back up quickly in the midweek to proceed with the major uptrend. So we were dead wrong and that also coincide with the election day.

Today we put aside of the notions of major correction and look back into the historical data of price actions that is closely similar to what happened last week. Below is weekly and monthly time frame respectively that occur in the year 2011 about 9 years ago. Indicators analysis

EUR-USD
Technical Indicators	4 Hourly	Daily	Weekly	Monthly
Fibonacci Retracement			N/A	N/A
MACD			Down	Up
Fully Stochastic			Up	Down
Bollinger Band			Bottom	Middle
Chart Formation
Market Direction
Market Comments

Look at the weekly candle it falls deep and then reversed higher a little bit very similar to what happen currently on the weekly time frame. And then the continuation is major up trend that lasted 4 months from January until April that is a long long major uptrend before it retraces for correction again.

Now let's take a look at the current candlestick chart for weekly and monthly time frame this month. After the deep fall to the middle band the weekly candlestick immediately reverse up exceeding the previous. Very similar to what happen in the year 2011 above.

If history will repeat itself just like 9 years ago the EUR-USD will go for a long long uptrend. We will see what happen next if next week the candle keeps going up.

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