Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the downward channel. 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 EUR/USD rate is 1.1587. As part of the Forex forecast for November 3, 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 1.1605 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 1.1385.
EUR/USD Forecast Euro Dollar November 3, 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 1.1725. 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. Moreover, for the second time there is a rebound from this level upwards.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: Speech by the President of the European Central Bank (ECB) President Lagarde Speech, ADP United States Nonfarm Employment Change, ISM United States Non-Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change, Federal Reserve System (Fed) Interest Rate Decision, Federal Open Market Committee (FOMC) Press Conference.
EUR/USD Forecast Euro Dollar November 3, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1605. Where can we expect a rebound and an attempt to fall in the pair to an area below the level of 1.1385. 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 at the level of 1.1725. 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.
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