Markets Analysis

Euro-Dollar Rises, Weakening Dollar Reaches USD 1.10【November 29, 2023】

November 29, 2023

Markets Analysis

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.

[EURUSD/ D1]

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

[EURUSD/ H1]

Market Sentiment

EURUSD – Sell: 88%, Buy: 12%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
NZ Policy Interest Rate Announcement10:00
German Consumer Price Index22:00
US 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.

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