FX.co - EUR/USD analysis for November 05, 2021 - Strong downside pressure and potential for bigger drop

2021-11-05T13:12:17

Relevance until2021-11-06

Technical analysis:

EUR/USD analysis for November 05, 2021 - Strong downside pressure and potential for bigger drop

EUR/USD has been trading downside in last few days as I expected. Thee price is close to important 1.1500 mark.

Trading recommendation:

Due to strong downside pressure and downside trend, my advice is to watch for selling opportunities on the rallies.

Next major downside target is set at the price of 1,1425

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

Resistance is set at 1,1560

*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 05, 2021 - Strong downside pressure and potential for bigger drop