Dear traders,

My last trading analysis was on DAX (Germany 30).

There was a pin bar on a major demand zone and this was a great bullish sign.

We have seen the price climbing an astonishing 1,000 points since the moment when I wrote this analysis.

There was only one red day, which was last Friday.

The rest of the trading sessions finished in green.

This pattern one more time shows us how powerful those levels could be.

Supply and demand zones are essential for us price action traders!

EURUSD Trading Analysis for 09.11.2020

Today, I am looking at the chart of the EURUSD.

It looks like price has moved nicely upwards and now is probably getting ready for a small retracement before it continues its climb.

There is a small resistance level at 1.1850.

I will be looking for price to possibly retrace back to this level and then offer us a buying opportunity.

I will be looking for possibly a rejection candle of this level.

A 4H confirmation candle would come handy and possibly further extend the uptrend.

There is a micro and major supply zones just above the current price.

The micro supply zone is located at 1.2000.

This could also be the first target.

The second target and major supply zone is located at 1.2500.

This is also a strong psychological barrier.

At this level (if price reaches it) we might expect to see a breakout or a reversal.

You need to be careful and watch out in case price cannot break through the 1.1850 level.

If that happens, we might see a retracement back to 1.1600.

Just keep this on mind when trading the EURUSD.

Happy trading,

Colibri Trader

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