Technical Analysis of EUR/USD on November 21st
On Thursday (November 21), the EUR/USD traded around 1.0550 in the European session, with the US dollar index continuing to rise on a fundamental basis. On the one hand, the uncertainty of the geopolitical situation drove up the safe haven sentiment of the US dollar
Secondly, the expectation of the Federal Reserve's interest rate cut in December has slowed down, supporting the US dollar, while the market expects the Eurozone to cut interest rates by 25BP in December, putting pressure on the euro. In the short term, non US countries will maintain low volatility, with little downward space but great difficulty in reversing
Pay attention to the number of initial jobless claims in the United States within the day.
From a technical perspective, the EUR/USD daily chart has entered a correction zone, and the box structure has not yet broken through. The KDJ indicator has been unable to rebound from the low range to the high level for a long time, so the probability of structural consolidation is higher
The pressure of the upper box is 1.0600, and the support below is 1.0500. Within the range, high throwing and low suction are mainly used.
EUR/USD daily chart
At the 4-hour level, the euro against the US dollar has not yet broken through the moving average pressure, and after the rebound of the KDJ indicator, it has fallen back again, entering a consolidation range structurally, waiting for the KDJ to rise again as the main player.
Continue to observe whether the moving average pressure has broken through. The short-term support is around 1.0500, with an upward pressure of 1.0580. If it stabilizes, it opens up rebound space.
EUR/USD 4-hour chart
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