Euro-Dollar Rises, Weakening Dollar Reaches USD 1.10【November 29, 2023】
Fundamental Analysis
The Euro-Dollar reaches the round number of USD 1.10
Expectations of a US rate cut lead to a weakening dollar
Focus is on today’s US GDP and upcoming US economic indicators
EURUSD Technical Analysis
Analyzing the daily chart of the Euro-Dollar market. Due to the impact of lower US interest rates, the Euro-Dollar is on an upward trend. It notably exceeded USD 1.10 temporarily, reaching up to USD 1.10080. This round number and the monthly resistance line overlap, suggesting the possibility of a temporary adjustment.
The RSI dropped to 70 and is now aiming to reach it again, currently at 64. Considering the end-of-month market trends, considering a contrarian selling strategy could be an option.
Day Trading Strategy (1-Hour Chart)
Analyzing the daily chart of the Euro-Dollar market. Due to the impact of lower US interest rates, the Euro-Dollar is on an upward trend. It notably exceeded USD 1.10 temporarily, reaching up to USD 1.10080. This round number and the monthly resistance line overlap, suggesting the possibility of a temporary adjustment.
The RSI dropped to 70 and is now aiming to reach it again, currently at 64. Considering the end-of-month market trends, considering a contrarian selling strategy could be an option.
Support and Resistance Lines
Upcoming resistance lines to consider:
USD 1.10 – Round number
Market Sentiment
EURUSD – Sell: 88%, Buy: 12%
Today’s Important Economic Indicators
Economic Indicators and EventsJST (Japan Standard Time)NZ Policy Interest Rate Announcement10:00German Consumer Price Index22:00US Gross Domestic Product (GDP)22:30
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
