So far, the month of November is one of correction for EurUsd with the pair rising more than 600 pips in the last 2 weeks.
However, let’s not forget that the long-term trend is strongly bearish, and also fundamentally nothing changed significantly and a slightly better-than-expected CPI alone couldn’t change a strong trend.
At this moment EurUsd is facing a very strong resistance that starts around 1.0350 and extends above 1.04 and this could be a good opportunity for traders to join the long-term trend.
That being said, rallies in this zone should be sold keeping in mind possible spikes when setting a stop loss.
1.02 is the first obvious support followed by an important parity zone.
I was just checking out this pair. I see that on the daily, it has gone over my 50 MA and is about to hit my 200 MA. I plan to open a quick long trade and put my TP along the 1.04 levels you have here. 