Trading plan for EURUSD on November 02, 2023
November 2, 2023 7:23 amVideo
Latest News
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- The market is disappointed and softening expectations for the FOMC rate April 12, 2024
- Christine Lagarde: inflation is easing April 12, 2024
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- Technical Analysis – US 30 index slides below 50-day SMA April 11, 2024
- Video market update for April 11, 2024 April 11, 2024
- EUR/USD. April 11th. Fed minutes: inflation concerns persist April 11, 2024
- GBP/USD. April 11th. The US inflation report shocked the bulls April 11, 2024
- Technical Analysis – USDCHF unlocks 6-month high April 11, 2024
- Overview of the GBP/USD pair on April 11, 2024 April 11, 2024
- Overview of the EUR/USD pair. April 11th. The market couldn’t hold up after the inflation report April 11, 2024
- Analysis and trading tips for USD/JPY on April 11 April 11, 2024
Technical outlook:
EUR/USD again rallied through 1.0600 in early trading hours on Thursday after dropping through the 1.0500-10 range on Wednesday. The single currency pair is seen to be trading close to 1.0595 at this point of writing and could possibly push through the 1.0600-20 range before reversing lower again. A break below 1.0500 would mean an attempt to re-test support at 1.0450.
EUR/USD has been drifting within a trading range between 1.0500 and 1.0680 with waning resistance. If a triangle is unfolding, prices are expected to drop towards 1.0540-50 again before resuming higher towards 1.0750. The larger-degree counter-trend rally, which began from 1.0450 is still intact and projected towards 1.0750 at least.
Alternatively, prices might carve another three waves lower towards 1.0450 to terminate the second leg of a complex corrective structure. We can expect prices to resume higher thereafter and push through 1.0800 and higher. Only a consistent break below 1.0450 will result in another wave lower towards 1.0100 going forward.
Trading idea:
A potential breakout higher towards 1.0750 against 1.0450
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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