AI Trader+

EUR/USD: Technical Analysis and Trading Recommendations_03/11/2021

EUR/USD: Technical Analysis and Trading Recommendations_03/11/2021

At the beginning of today's European session, EUR / USD is growing, traded at the time of this article's publication near the 1.1963 mark, through which a strong short-term resistance level (EMA200 on the 1-hour chart) passes.

Its breakdown may open the way for growth towards the resistance levels 1.2054 (ЕМА200 on the 4-hour chart) and 1.2070 (ЕМА200 on the monthly chart).

EUR/USD: Technical Analysis and Trading Recommendations_03/11/2021

The pair is growing amid a weakening dollar, which, in turn, is declining amid falling yields on US bonds. If the weakening of the dollar stops, then, most likely, the growth of EUR / USD will also stop.

A return into the zone below the support level 1.1925 (ЕМА144 on the daily chart) may provoke a further decline in EUR / USD to the lower border of the descending channel on the daily chart and ЕМА200 on the daily chart).

EUR/USD: Technical Analysis and Trading Recommendations_03/11/2021

The breakdown of the support levels 1.1825 and 1.1780 (Fibonacci level 38.2% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014) will increase the risks of a resumption of the long-term bearish trend in EUR / USD.

EUR/USD: Technical Analysis and Trading Recommendations_03/11/2021

Support levels: 1.1925, 1.1825, 1.1780, 1.1600, 1.1520, 1.1285

Resistance levels: 1.1963, 1.1997, 1.2054, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600

Trading Recommendations

Sell Stop 1.1915. Stop-Loss 1.1980. Take-Profit 1.1825, 1.1780, 1.1600, 1.1520, 1.1285

Buy Stop 1.1980. Stop-Loss 1.1915. Take-Profit 1.1997, 1.2054, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600

AI Trader+