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Wait | 04 November 2021

04 November 2021, EUR/USD

Technical observation

On the hourly chart above price is trading with an increasing bullish momentum below a resistance zone 1.1623-1.1620. I expect a slight rise to the same zone followed by a rejection within it confirming a possible rally to the lower side. My advice, remain neutral temporarily and wait for a bounce within the zone 1.1623-1.1620 then pick short positions within it with your take profit at 1.1565 and stop loss at 1.1635. In case price is not contained below the zone I have mentioned above but instead it clearly breaks above it with a big green candle, then you can anticipate bullish movements of price after a pullback to the broken zone and bounce within it.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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