Indicator analysis. EUR/USD daily review on November 3, 2021

Trend analysis (Fig. 1)

EUR/USD is likely to increase today, from 1.1577 (closing of yesterday's daily candle) to the 23.6% retracement level (yellow dashed line) - 1.1615. Afterwards, it will go further up to the 38.2% retracement level (yellow dashed line) - 1.1671.

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Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - uptrend;

- Fibonacci levels - uptrend;

- Volumes - uptrend;

- Candlestick analysis - uptrend;

- Trend analysis - uptrend;

- Bollinger bands - downtrend;

- Weekly chart - uptrend.

Conclusion: EUR/USD should rise from 1.1577 (closing of yesterday's daily candle) to the 23.6% retracement level (yellow dashed line) - 1.1615, and then climb to the 38.2% retracement level (yellow dashed line) - 1.1671.

That being said, there is little chance for EUR/USD to drop from 1.1577 (closing of yesterday's daily candle) to the support line (blue bold line) - 1.1550, and then go up to the 14.6% retracement level (yellow dashed line) - 1.1580.

The material has been provided by InstaForex Company - www.instaforex.com

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