A European Commission sentiment index fell And GBP/USD could possibly hold some allure for pullback themes.

somrat4030

Well-known member

forex forum EUR/USD technical outlook

Forex Forum, Currency Trading Technical Overview, Nov-29, 2021​


Economic confidence in the euro area slipped in November as consumers struggled with an inflation spike and resurgent coronavirus infections that turned the region into a pandemic hotspot yet again.

A European Commission sentiment index fell to 117.5 in November from 118.6 the previous month, data released Monday showed.

A gauge for consumers dropped to the lowest in seven months, reflecting deteriorations in households' assessments of their past and future financial conditions, their intentions to make major purchases and their expectations about the general economic situation.

The EUR/USD pair rose slightly on Monday even as the number of Omicron variant cases keep rising and countries add travel restrictions. The pair rose to 1.1310, which is about 1% above the lowest level this month.

The biggest concern globally is the rising number of Omicron variant that started to spread last week. The number of cases continued rising during the weekend as more countries announced travel restrictions.

Moreover, EUR/USD is holding near the 50-period SMA at 1.1270. Below that level, 1.1240 (20-period SMA) aligns as the next key support. As long as buyers continue to defend this level, additional gains in the near term could be witnessed.

EUR/USD Technical indicators of the currency pair:​


Prev Open: 1.1208
Prev Close: 1.1307
% chg. over the last day: +0.88%

On the upside, 1.1320 (static level) could be seen as first resistance. In case this level turns into support, 1.1350 (Fibonacci 38.2% retracement level of the November downtrend) could be targeted ahead of 1.1380 (50-period SMA).

forex forum GBP/USD technical outlook

On the other side of the US Dollar, GBP/USD could possibly hold some allure for pullback themes.​


The pair remains in a bull flag formation but there's been little sign of bullish price action thus far. Even last week brought upon a quick resistance test that was followed by another influx of sellers. The price to watch at this point is the 1.3354 swing low, a breach of which opens the door for a run down to 1.3250.

In addition to the virus situation, the GBP/USD pair will react to a number of events today. In the UK, the Bank of England (BOE) will react to the latest mortgage data. The Bank of England (BOE) will publish the latest mortgage application and approvals data.

Analysts expect the data to show that mortgage approvals fell to 71.25k, which was lower than the previous 72.65k. In total, mortgage lending declined from 9.52 billion pounds to more than 4.75 billion pounds.

GBP/USD Technical indicators of the currency pair:​

Prev Open: 1.3320
Prev Close: 1.3326
% chg. over the last day: +0.05%

You can learn more about Forex Trading-Related Resources at the forex forum.

#forexforum #forextradingforum #forexsignalforum #currencytradingtips #forextradingtips #fxforum #Topforexforum #bestforexforum #fxtrading #forumforex #currencytradingforum #currencytradersforum #forextrading #currencytrading #forumdotforex #forexnews #howtomakemoneytradingforex #trading #currency
 
Back
Top Bottom