Solid News

EURUSD Market Update

11/30/2022 12:44 PM

Despite the dollar correction, the EUR/USD pair cannot continue to grow and is trading around 1.0358.

The report of the European Commission, formed based on a survey of business representatives and consumers of services, was published yesterday: it is expected that in November, the business consumer confidence index will remain at –23.9 points, the expected consumer inflation indicator will drop to 30.1 points from 37.3 points, while the index of expected selling prices may fall to 40.4 points from 44.8 points earlier, and manufacturing sentiment decreased to –2.0 points from –1.2 points earlier. In Germany, consumer prices in November lost 0.5% after rising by 0.9%, which led to a slowdown to 10.0% from 10.4% earlier YoY.

An additional driver of the upward movement of the EUR/USD pair was the dynamics of the US dollar, which fell to 106.500 in the USD Index after the publication of poor macroeconomic statistics: the Conference Board consumer confidence index in November was 100.2 points, which is lower than 102.2 points in the previous period. Thus, the indicator has been declining for the third month in a row, reflecting a negative trend in consumer spending.

On the daily chart, the trading instrument continues its corrective growth and is confidently holding above the resistance line of the local rising channel.

Technical indicators reversed upwards, strengthening the signal: fast EMAs on the Alligator indicator expand the range of fluctuations in the direction of growth, and the AO oscillator histogram forms rising bars in the buying zone.

Resistance levels: 1.0406, 1.0626. | Support levels: 1.0242, 1.0000.

Find Us
First Floor, First St Vincent Bank LTD Building James Street Kingstown St Vincent and the Grenadines
Call Us
+1 415 367 3742

Solid ECN Securities is an international brand formed and authorized in Saint Vincent and the Grenadines with the registration number 1390 LLC 2021 committed to offering the best possible trading experience. Disclosure: Please note that foreign exchange and other leveraged trading involve a significant risk of loss. It is not fit for all investors and you should make sure you realize the risks involved, seeking independent advice if necessary.
Solid ECN Securities and it affiliates don't accept applications from Indonesia, Egypt, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, South Sudan and other restricted countries.
Copyright All Right Reserved 2023