FX.co ★ Indicator analysis: Daily review of EUR/USD on November 2, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move upward from the level of 0.9875 (close of yesterday's daily candle) to 0.9944, the 61.8% retracement level (blue dotted line). When testing this level, a downward pullback is possible with the target of 0.9880, the 38.2% retracement level (red dotted line). When testing this level, the price may move up. Much will depend on the reaction of the market to interest rates.

Fig. 1 (daily chart).

Comprehensive analysis:

• indicator analysis – up;
• Fibonacci levels – up;
• volumes – up;
• candlestick analysis – up;
• trend analysis – up;
• weekly chart – up;
• Bollinger Bands – up.

General conclusion:

Today, the price may move upward from the level of 0.9875 (close of yesterday's daily candle) to 0.9944, the 61.8% retracement level (blue dotted line). When testing this level, a downward pullback is possible with the target of 0.9880, the 38.2% retracement level (red dotted line). When testing this level, the price may move up. Much will depend on the reaction of the market to interest rates.

Alternatively, the price may move downward from the level of 0.9875 (close of yesterday's daily candle) to 0.9814, the 50% retracement level (red dotted line). After testing this level, an upward movement is possible to test the historical resistance level at 1.0052 (blue dotted line).