FX.co - EUR/USD analysis for November 02, 2021 - Rejection of the key supply zone

2 November 2021 at 11:21AM (UTC+0)

Relevance until3 November 2021 at 11:21AM (UTC+0)

Technical analysis:

EUR/USD analysis for November 02, 2021 - Rejection of the key supply zone

EUR/USD has been trading downside this morning and I found the breakout of the rising channel in the background.

Trading recommendation:

Due to the breakout of the rising channel in the background and the rejection of the single prints, watch for potential selling opportunities.

Downside targets are set at the price of 1,1548 and 1,1535

Stochastic is showing bear divergence and fresh bear cross, which is another sign and confirmation for the downside rotation.

Key resistance is set at the price of 1,1620

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for November 02, 2021 - Rejection of the key supply zone