empty
 
 
01.11.2024 01:23 PM
Trading Signals for EUR/USD for November 1-4, 2024: buy above 1.0840 (21 SMA - 200 EMA)

This image is no longer relevant

Early in the American session, the EUR/USD pair is trading around 1.0860 within the uptrend channel forming since October 28th below 2/8 Murray and showing signs of exhaustion.

EUR/USD could continue the technical correction until the price reaches the bottom of the uptrend channel around 1.0840.

US nonfarm payrolls will be released in the next few hours, which could cause strong volatility in the EUR/USD pair. In case the euro reaches the top of the bullish trend channel or the 200 EMA around 1.0920, it will be seen as a signal to sell.

On the other hand, if the euro falls and consolidates above the 21 SMA, it will be seen as an opportunity to resume buying with the target at 3/8 Murray around 1.0925.

According to the H4 chart, the euro is showing signs of being overbought. So, we believe that if the H4 chart closes below 1.0840, EUR/USD could resume its overall bearish cycle and the EUR/USD could reach 1.0803 and finally 0/8 of Murray around 1.0742.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback