Categories: Technical analysis

ESP35 Wave Analysis 17 November, 2020

• ESP35 reversed from resistance level 8000.00

• Likely to fall to 7650.00

ESP35 recently reversed down from the round resistance level 8000.00 (which stopped the previous medium-term impulse wave (A) at the start of June) – standing close to the upper daily Bollinger Band.

The downward reversal from the resistance level 8000.00 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the overbought daily Stochastic – ESP35 is likely to fall further toward the next support level 7650.00 (former resistance form July and low of the previous wave (b)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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