General analysis
- EUR/USD fell sharply in the trading session on November 1 after a strong rally above. Still, the previous lower swings are intact.
- EUR/GBP showed the same decline on November 1, keeping previous lows intact and slowly moving higher.
EUR/USD Chart Analysis
EUR/USD 15-minute chart (Source: TradingView)
In the trading session on November 1, 2024, prices fell and closed around -50%. The price recovered sharply in the trading session on November 4 with a huge difference. Currently, the price did not break any previous upper low zone, indicating upside strength.
On a daily time frame, the It can be seen that the price is reversing from the main support level after reaching its double top pattern target. The price should retest the 0.5 fib retracement level, keeping the bullish rally intact.
Currently, on a 15-minute time frame, EUR/USD The price faces rejection from the 1.09030 level and continues to hover around it, forming a flag and flagpole pattern. There are a few levels that traders can plan to enter.
- If the price breaks the level of 1.09030 and remains above it with an RSI below 60, then one can opt for a buy position with a stop loss below the previous low and targets of 1.09164 and 1.09367. Make sure to follow the stop loss as the price may face strong rejection from the levels.
- If the price creates a new daily high and is rejected, wait for the price to break above the 1.08872 level. This level will trigger a double top pattern with a stop loss above the previous high and the target low of the day.
EUR/GBP Chart Analysis
EUR/GBP 15-minute chart (Source: TradingView)
In the trading session on November 1, 2024, EUR/GBP can be seen falling sharply towards the 0.83692 level. The price has still kept the previous higher lows intact, but it is at the moment moving laterally under a strong rejection zone.
In a daily time framehe the price has fallen sharply and now faces rejection of previous changes. Currently, on a higher time frame, sales remain strong.
Yeah looking in the 15 minute time frame, so We can see that the price is currently in a strong zone. The drop on November 1 has not yet been recovered. There are several entries that traders can plan; Below is the list.
- If the price breaks the 0.84180 level and sustains above it, more buying will be triggered in this situation. With stop loss below the previous low and a target of 0.84480
- Suppose the price breaks 0.83533, which was the previous low, a A sharp drop is expected. In that case, you can enter if the price stays below it, setting a stop loss above the previous high and targeting a target of 0.83198.
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