FX.co - EUR/USD analysis for November 03, 2021 - Bear flag in creation and potential for bigger drop

2021-11-03T12:08:28

Relevance until2021-11-04

Technical analysis:

EUR/USD analysis for November 03, 2021 - Bear flag in creation and potential for bigger drop

EUR/USD has been trading in tight range at 1,1587 and there is potential for the further downside movement.

Trading recommendation:

Due to strong downside breakout on Friday, I see potential for the downside continuation.

Watch for selling opportunities with the downside targets at 1,1547 and 1,1540

Stochastic oscillator is showing bear cross, which is confirmation for the downside.

Key resistance is set at 1,1617

*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 03, 2021 - Bear flag in creation and potential for bigger drop