EUR/USD

Market Opportunities - 03/11/2021

03 November, 2021 Research Department

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD Daily downtrend opportunity based on 1.00 Lot Calculation:

EVENT: Wednesday, November 3, 07:30 PM GMT+1 – The US Federal Reserve’s meeting end with an accompanying media conference of the Fed Chair Jerome Powell. The Fed is widely expected to reduce its asset purchases by $15 billion each month going forward and end the quantitative easing program by mid-2022.
If the Fed puts more emphasis on inflation concerns than the economic slowdown as Powell did in one of his most recent public appearances on October 22, that could weigh on the EUR/USD.

EUR/USD, November 3, 2021
Current Price: 1.1589

EUR/USD	Daily
Trend Direction	DOWN
Resistance 3	1.1679
Resistance 2	1.1659
Resistance 1	1.1639
Support 1	1.1539
Support 2	1.1519
Support 3	1.1499

Example of calculation based on daily trend direction for 1.00 Lot*

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss Short in $	-900	-700	-500	500	700	900
Profit or loss Short in €**	-777	-604	-432	432	604	777
Profit or loss Short in £**	-661	-514	-367	367	514	661
Profit or loss Short in C$**	-1,117	-868	-620	620	868	1,117

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 07:30 am (GMT+1) 3/11/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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