FX.co ★ EUR/USD analysis for November 03, 2022 -Breakout of the rising trendline in the background

Technical analysis:

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

Trading recommendation:

Due to the the breakout of the rising trend-line in the background and the short-term downside trend, I see potential for further drop towards lower reference points.

Watch for the potential selling opportunities on the intraday rallies with the downside objectives at the price of 0.9705, 0.9640 and 0.9535.

MACD oscillator is showing fresh downside momentum, which is strong sign that sellers are in control.

Short-term resistance is set at the price of 0.9970