Analysis of transactions in the EUR / USD pair
The bears failed to maintain their control over the market, so as a result, the EUR / USD pair rose a bit yesterday.
To add to that, rather good economic reports came out from Europe. However, they may turn down this 4th quarter amid new quarantine restrictions imposed in many EU countries.
Trading recommendations for November 3
Of great importance is the results of the US presidential elections, as it will determine whether the US dollar will maintain its position in the market, or weaken against other currencies such as the euro. If Joe Biden wins, the US dollar will weaken sharply. In that case, long positions will be a more correct decision, since from a technical point of view, going beyond the sideways channel 1.1631-1.1661 will lead to a new wave of growth in the EUR / USD pair.
Analysis of transactions in the GBP / USD pair
Although short positions from 1.2906 moved the pound down by more than 40 pips, the bears failed to maintain their control over the market, so as a result, the GBP/USD pair rose a bit yesterday.
To add to that, there are rumors that negotiations over the post-Brexit trade deal are progressing smoothly, thus, a further price decline is now unlikely to happen in the GBP/USD pair.
Trading recommendations for November 3
Of great importance is the results of the US presidential elections, as it will determine whether the US dollar will maintain its position in the market, or weaken against other currencies such as the British pound. To add to that, good news over Brexit negotiations will raise demand for the pound in the short term.