FX.co ★ EUR/USD analysis for November 02, 2022 -Breakout of the rising channel in the backgorund

Technical analysis:

EUR/USD has been trading downside this morning and I found the breakout of the rising channel in the background, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the rising channel in the background, I see potential for further downside movement towards downside reference level.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at the price of 0.9855.

Stochastic oscillator is showing downside regime, which is strong sign that sellers are in control.

Key resistance is set at the price of 0.9900