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03.11.202112:55 Forex Analysis & Reviews: Technical analysis recommendations of EUR/USD and GBP/USD on November 3, 2021

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EUR/USD

Exchange Rates 03.11.2021 analysis

The bulls failed to further rise yesterday. As a result, events developed below the encountered resistance levels of 1.1602-14 (daily cross + historical level). The situation in its main conclusions and expectations has not dramatically changed over the past day The lower border of the weekly cloud (1.1558) still acts as the nearest support. Its breakdown and consolidation in the bearish zone relative to the weekly cloud will direct bearish interests to the monthly concentration of levels (1.1492-74-47).

Meanwhile, the role of the nearest resistance was retained by the area of 1.1602-14. Once it is broken, the bulls can wait for the resistance of 1.1664 (historical level) and 1.1695-1.1707 (monthly Fibo Kijun + weekly Tenkan).

Exchange Rates 03.11.2021 analysis

The pair has been trading in the correction zone of the smaller timeframes for quite some time, attempting to break through the key levels, which hold the defense in the area of 1.1589 (central Pivot level) - 1.1605 (weekly long-term trend) today. It should be noted that breaking through the key levels determines the presence of an advantage. Currently, downward targets are at 1.1564 - 1.1551 - 1.1526 (classic pivot levels). In the event of a breakdown of 1.1589 - 1.1605, the next upward targets can be noted at 1.1627 and 1.1640 (classic pivot levels).

GBP/USD

Exchange Rates 03.11.2021 analysis

Yesterday, the bears continued their decline and started testing the daily medium-term trend (1.3622). In this area, their main interest comes down to the formation of the result of interaction with the zone 1.3601 - 1.3571, where historical levels, the final line of the daily golden cross, and the target for the breakdown of the H4 cloud have combined their efforts. The previously broken level of 1.3661 (weekly Tenkan) now acts as the nearest resistance.

Exchange Rates 03.11.2021 analysis

The advantage in the smaller timeframes is on the bears' side. Their downward targets are set at 1.3589 - 1.3566 - 1.3527 (classic pivot levels) today. At the moment, the first key level of .3628 (central pivot level) is being tested for strength. The next key level allows us to develop a corrective rally to 1.3701 (weekly long-term trend). Along this path, the nearest resistance levels can be considered at 1.3651 and 1.3690 (classic pivot levels).

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.

Eseguito da Evangelos Poulakis
Esperto analista di InstaForex
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