Technical Analysis of EUR/USD Trading Opportunity on November 14th
On Thursday (November 14th), EUR/USD traded around 1.0550 in the European session, and the bullish sentiment towards the US dollar has not stopped on a fundamental level. Even if the US inflation data meets expectations, it has not allowed the US dollar to enter the adjustment range.
At present, the structural US dollar has maintained a long position and accelerated, while the non US dollar has broken down. We need to pay attention to the number of US initial claims for unemployment benefits and the speech of Federal Reserve officials within the day.
Before the non US market stops falling, do not be overly bullish on the left side and wait for confirmation of support.
From a technical perspective, the daily line level in Europe and America has already fallen below the important support of 1.0600. If it is not possible to return above 1.0600 in the short term, the probability of a bullish rebound is not high.
Waiting for short selling opportunities after a pullback within the day, due to high short-term volatility, it is not advisable to chase short positions. The main focus is on waiting for a pullback, with support around 1.0460 below.
(EUR/USD daily chart)
The 4-hour moving average has turned downwards and the deviation value has not expanded, and the possibility of accelerating downward again in the short term cannot be ruled out.
It should be noted that before the bearish trend reaches its end, wait for a rebound and sell short, without matching the trend. The 4-hour level pullback pressure is 1.0608, and the support below is 1.0480.
(EUR/USD 4-hour chart)
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