Latest EURUSD Forecast and Technical Analysis for November 1, 2024

Summary

In this analysis of the USD, the presenter examines market trends from the monthly to the hourly time frames, highlighting a bearish outlook with potential pullbacks. A break of structure on the daily chart suggests opportunities for long positions, especially leading up to the significant US elections on November 5th, which could increase market volatility. The analysis includes specific patterns to watch for, such as potential ABC structures, and emphasizes the importance of Fibonacci levels for entry points. Traders are encouraged to stay updated and join the community for further insights.

Takeaways

• 📊 The US dollar shows a bearish monthly candle, indicating potential for a pullback before further downside.
• 🔍 A potential five-wave downward pattern is expected, mirroring a previous one-two-three structure.
• 📅 The weekly timeframe suggests a possible flat pattern or traditional ABC structure, indicating more downward movement before a recovery.
• 📈 The daily analysis indicates a break of structure, raising the possibility for long positions.
• ⚖️ November 5th is highlighted as a significant day for market volatility due to the US elections.
• 🚀 Traders should prepare for potential opportunities to go long after a correction that may occur over the next few weeks.
• 📉 The four-hour timeframe shows key levels that could indicate entry points for long positions based on Fibonacci retracement levels.
• 💡 A clear break of structure may signal the completion of a downward trend, allowing for potential upward movements.
• 📉 The one-hour timeframe analysis suggests a possibility for further downside before a major reversal.
• 💬 Joining the free Discord group is encouraged for ongoing support and community engagement in trading.

Q & A

What is the main focus of the analysis in the video?

The main focus is on the US dollar, with a top-down analysis starting from the monthly timeframe down to the hourly timeframe.

What does the presenter suggest about the current monthly candle for the US dollar?

The presenter indicates that the monthly candle looks bearish and suggests a potential pullback before possibly moving in five waves down.

How does the presenter interpret the weekly timeframe for the US dollar?

On the weekly timeframe, the presenter anticipates a pattern resembling a five-wave movement down, potentially retesting previous lows.

What significant event is mentioned that could impact market volatility?

The presenter mentions the upcoming US elections on November 5th as a significant event likely to create market volatility.

What structure does the presenter expect in the daily timeframe analysis?

The presenter expects a break of structure and is looking for long opportunities if the market shows a corrective move up.

What trading strategy does the presenter plan to use based on Fibonacci levels?

The presenter plans to look for a potential three-wave movement down to Fibonacci retracement levels before considering a long position.

What type of pattern does the presenter suggest might form in the future?

The presenter suggests that a large ABC correction could form, providing opportunities for long trades.

What is the significance of the 'break of structure' mentioned?

The break of structure indicates a significant change in market dynamics, suggesting that traders should be alert for potential upward movements.

What does the presenter recommend to traders in terms of market awareness?

The presenter advises traders to be aware of market conditions surrounding the US elections, highlighting the potential for increased volatility.

How does the presenter suggest traders can benefit from the upcoming market movements?

By identifying the right entry points after the expected corrective movements, traders can position themselves for potential long trades as the market shifts.