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03Nov

DAILY TECHNICAL ANALYSIS FOR NOVEMBER 03, 2021

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EUR/USD

Current level – 1.1581

Although the single European currency recovered some of its losses against the U.S. dollar, at the time of writing it is trading below the resistance of 1.1589 once again. It is possible that we will see a consolidation around this level as today investors’ focus will fall on the announcement of the unemployment rate data for the Euro area (10:00 GMT), the ADP non-farm employment change data (12:15 GMT) and, finally the most expected data for this week – the announcement of the Federal Reserve interest rate decision (18:00 GMT). The variety of economic news scheduled for today could lead to an increased volatility and could determine the future of the currency pair.

USD/JPY

Current level –  113.77

The unsuccessful test of the resistance zone of 114.42 since the beginning of the week led to a decline as the currency pair lost nearly one figure of its value. However, the bulls managed to limit the sell-off above the 113.21 support area and even followed a recovery above the resistance of 113.70. It is possible to witness a range move in the channel between 113.21 – 114.42. The result of the economic news, mentioned in the EUR/USD analysis, could help investors find a clearer direction.

GBP/USD

Current level – 1.3629

The negative move of the pound against the U.S. dollar continues as trading remains above the support of 1.3575. If the bulls manage to gain enough momentum and successfully lead the currency pair above the resistance of 1.3665, it could spell the end of the downward movement. Otherwise, a drop below the 1.3575 support level could lead to a deepening of the sell-off. The PMI services data for the UK (09:30 GMT), as well as the news mentioned in the EUR/USD analysis, could lead to an increased volatility during today’s session.

Gold price resumes the decline

Gold price resumed its negative trades to surpass 1785.00 level and open the way to continue the decline on the intraday basis, and the way is open to head towards our first waited negative target at 1770.00, reminding you that breaking this level will push the price to 1735.00 as a next main target.

Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 1797.00, as breaching this level will lead the price to start new recovery attempts that target visiting 1825.15 areas initially.

The expected trading range for today is between 1760.00 support and 1795.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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