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EUR/USD Outlook and Analysis For 28th November

EUR/USD Outlook and Analysis For 28th November

EUR/USD Outlook and Analysis For 28th November – (Forex FX 4X)

(Forex-FX-4x.com, EUR/USD Outlook And Analysis For 28th November).

Our weekend EUR/USD update noted that the psychological 1.3000 level was viewed as the key near term technical focus heading into the new week.    The subsequent price action has seen the EUR/USD push to a high of 1.3008 and then drop as low as 1.2914 after taking out stops on a 1.3000 area rejection.  The euro/dollar is now trading around -0.36% lower on the day and consolidating just above the days ultimate low. 

  • A close around the current area would see a bearish engulfing candle printed on the daily chart; a bearish reversal pattern in this location would be a constructive technical development and weigh on the near term EUR/USD sentiment – if a confirmation follow through move lower is seen over the upcoming 28th November trading sessions.
  • Potential near term support comes around the 1.2885 area, which has seen price pivot zone action and may be supportive to a certain extent on any extended downside. Further to this is the 1.2800 – 1.2830 area which has been a key support/resistance flip area over recent trading.
  • Any upside may once again find an element of resistance around the 1.3000 area, with the 61.8% Fibonacci retrace located around 1.2955 loosely aligned from a daily chart perspective. 
  • A failure to sustain today’s downside momentum, and any subsequent move back above 1.3000, would negate our near term bearish directional bias.
  • In related analysis we note that the USDX 80.00 level has held as initial support with a daily low of 80.03 seen prior to an intra-day reversal, the dollar index is now trading around the 80.40 area.  GBP/USD is only trading marginally  lower at -0.07% on the day which has EUR/GBP at -0.19%.  USD/CHF pared earlier losses and is now trading up +0.35% at 0.9305. 
eurusd EUR/USD Outlook and Analysis For 28th November 
EUR/USD Daily Chart – 28th November Outlook

eurusd outlook 28th november EUR/USD Outlook and Analysis For 28th November

One Response to EUR/USD Outlook and Analysis For 28th November

  1. Jessica Sharkey says:

    Good analysis. The EUR/USD will likely remain short-term heavy due to the looming U.S. fiscal crisis.

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