Indicator analysis. EUR/USD daily review on November 2, 2021

Trend analysis (Fig. 1)

EUR / USD may rise from 1.1604 (closing of yesterday's daily candle) to the 23.6% retracement level (yellow dashed line) - 1.1615, and then go further up to the 38.2% retracement level (yellow dashed line) - 1.1671.

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger bands - down;

- Weekly chart - up.

General conclusion: It is likely that EUR/USD will rise from 1.1604 (closing of yesterday's daily candle) to the 23.6% retracement level (yellow dashed line) - 1.1615, and then head to the 38.2% retracement level (yellow dashed line) - 1.1671.

Alternatively, EUR/USD could decline from 1.1604 (closing of yesterday's daily candle) to the 61.8% retracement level (red dotted line) - 1.1580, and then go back to the 23.6% retracement level (yellow dashed line) - 1.1615.

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX