EURUSD Technical Analysis November 1st

The significant indicator (ATM) option volatility dropped to 5.96; the lowest level since June end. The drop in vols indicates increased confidence among investors that the Spain-Catalan standoff will reach a peaceful conclusion.
At the whole picture, Bearish sentiment looks very strong.
USD will rise into and on the back of the FOMC rate decision and softer-than-expected EU inflation justifies ECB’s latest decision

On the Daily Chart; Head And Shoulders pattern stands with the targets 1.15500 and 1.14500. We saw an upwards attempt towards 1.16700.



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