EURUSD Analysis 03 November, 2020

• EURUSD reversed from support area

• Likely to rise to 1.1865                                                                                          

EURUSD recently reversed up exactly from the support area set between the key support level 1.1630 (former monthly low from September), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse (C) from June.

The upward reversal from this support area started the active short-term corrective wave 2

Given the multi-month overriding uptrend – EURUSD is likely to rise further toward the next resistance level 1.1865 (top of the previous corrective wave (2) from the end of October).