FX.co ★ Trading plan for EURUSD for November 04, 2021

Technical outlook:

EURUSD seems to have carved a higher low around 1.1570 level on Wednesday. The single currency pair had rallied post FOMC minutes and reached 1.1616 high before pulling back. It is seen to be trading around 1.1590 levels at the time of writing, which might provide intermediary support for the next bull run.

EURUSD's medium-term structure remains constructive for bulls until prices stay above 1.1524 lows. Bulls are looking poised to push prices above 1.1700 in the near term and subsequently towards the 1.1950-1.2000 zone. On the flip side, a break below 1.1524 would delay the rally further as bears might want to test the 1.1500 handle before giving in to bulls again.

EURUSD bulls are looking determined to push towards 1.1950 at least. Also, note that the corrective drop between 1/2350 and 1.1524 is looking complete. If the structure holds well, EURUSD might resume higher towards the 1.2350 mark as well. Either way, a minimum rally towards 1.1950 seems likely to unfold.

Trading plan:

Potential rally towards 1.1950, against 1.450.

Good luck!