Trading plan for EUR/USD on November 3, 2021

The basis of the downward momentum is the descending daily candlestick of the EUR/USD pair, which formed on October 29. The growth of the instrument to the Weekly Control Zone 1/2 1.1623-1.1631 is corrective, so testing this zone will allow us to get favorable prices to sell.

The main focus in trading is to decline, although the upward movement may still continue as part of the downward correction of the pair, which occurred on October 29. Moreover, Friday's momentum remains a priority as long as the pair trades below the WCZ 1/2. Testing this zone will be decisive. The downward target is the Weekly Control Zone 1.1516-1.1499.

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To cancel the downward movement, it will be necessary to close daily trading above the level of 1.1631. This will create conditions for changing the momentum to an upward one. The descending target will no longer be relevant. In the meantime, the probability of forming an upward reversal remains within 25%.

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

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