Technical analysis on EURUSD for November 2nd, 2023.
November 2, 2023 9:23 pm
Red line- resistance
Black line -support
EURUSD is trading around 1.0620. Price tested yesterday the black upward sloping support trend line. Bulls managed to defend the support at 1.0535 and pushed EURUSD towards the 1.0668 level which was today’s high. EURUSD formed another lower high and is showing rejection signs. There are increased chances that EURUSD is forming a triangle pattern with lower highs and higher lows. The lower triangle boundary is at 1.540 providing support. Resistance is at the red trend line at 1.0667. Tomorrow we expect the announcement of the Non Farm Payrolls in the USA. Volatility is expected to rise and maybe we will have a triangle break out.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- resistance
Black line -support
EURUSD is trading around 1.0620. Price tested yesterday the black upward sloping support trend line. Bulls managed to defend the support at 1.0535 and pushed EURUSD towards the 1.0668 level which was today’s high. EURUSD formed another lower high and is showing rejection signs. There are increased chances that EURUSD is forming a triangle pattern with lower highs and higher lows. The lower triangle boundary is at 1.540 providing support. Resistance is at the red trend line at 1.0667. Tomorrow we expect the announcement of the Non Farm Payrolls in the USA. Volatility is expected to rise and maybe we will have a triangle break out.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: