Currency pair Euro/Dollar EUR/USD continues to move as part of the fall after working out the ”Wolfe Wave” reversal pattern. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in the asset quotes from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1564. As part of the Forex forecast for November 2, 2021, we should expect an attempt to continue the development of a bullish price correction and a test of the resistance level, which is located on the pair near the 1.1585 area. Further, a rebound down and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1395.
EUR/USD Forecast Euro Dollar November 2, 2021
An additional signal in favor of falling EUR/USD quotes will be a breakdown of the lower border of the bullish correction channel. The second signal will be a rebound from the downward resistance line on the relative strength index (RSI). Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown at the level of 1.1705. This will indicate a breakdown of important resistance and a continued rise to the area at the level of 1.1925. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing of the price below 1.1525, as we can see, while sellers fail to break through this level.
EUR/USD Forecast Euro Dollar November 2, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1585. Where can we expect a rebound and an attempt to drop the pair to an area below the level of 1.1395. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown of the level of 1.1705. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.1925.
