Trading plan for the EUR/USD pair on November 2. Persistent rise of COVID-19; Strong resistances in the euro.

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A world record of 573 thousand new COVID-19 cases was observed two days ago, but thankfully it fell to 475 thousand the very next day. At the moment, it has decreased to 436 thousand, however, it is still way higher than the peak record during the earlier pandemic wave. The highest incidence at this time is still from the United States, at 101 thousand cases per day.

As for Europe, everything remains bad. Thus, new quarantine restrictions have been introduced in Belgium, Czech Republic and Austria. If the situation does not improve, Italy will undergo a lockdown as well, the same as what Britain has implemented already. For Germany, small businesses have been closed to minimize contact and the spread of the virus.

With regards to the vaccine, one is expected to be available at the end of November, however, its effect will only be noticeable no earlier than a month after the start of vaccination.

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The technical picture of the EUR / USD pair today, November 2: There is a continuation of the downward trend, however, there are very strong resistances ahead - 100-day average and three-month low of 1.1612. As a result, a strong rebound upwards is possible.

Open short positions from 1.1690.

Open long positions from 1.1710.

The material has been provided by InstaForex Company - www.instaforex.com