Forex trading plan for November 4
By Kira Iukhtenko
US Dollar is feeling itself rather confident at the beginning of the week after the late October Federal Reserve meeting. Financial markets are now awaiting the US labor market release on Friday. Figures could surprise the markets to the upside, offering more support to the US currency.
Wednesday, November 4, is an intense day for the traders as well. ECB head Mario Draghi will deliver a speech at the ECB forum on banking supervision, while the Fed’s governor Janet Yellen will speak later in the day at the opening ceremony of the House of financial services. We expects these speeches to pull EUR/USD lower. Break below 1.0900 will open the way to our next target at 1.0820. Resistance – 1.1100. Another events to watch on the US calendar are the ADP NFP, trade balance and non-manufacturing PMI.
GBP/USD is another pair to watch these days. The 1.5500 mark remains a ceiling for the buyers. Break below the round 1.5300 mark will open the way for more sales. Watch the UK services PMI on Wednesday as well.