Analysis of transactions in the EUR / USD pair
Weak economic reports from Europe limited the upward potential of the European currency. To add to that, the data on the US economy came out very strong yesterday, thereby hitting the positions of euro bulls, leading to an instant collapse to weekly lows. Regardless, the further direction of the pair remains unclear, but most likely, trading will continue in a sideways channel, especially considering the fact that no economic data are scheduled to be published today.
Trading recommendations for November 24
The euro will move today depending on the latest report on Germany’s GDP. If the figure turns out better than the projections of economists, the euro will resume growing in the market, even possibly updating new highs. But if the data is disappointing, pressure on the currency will return. Open a long position when the euro reaches a quote of 1.1870 (green line on the chart) and then take profit at the level of 1.1915. However, growth will occur only in the event of good data on the eurozone economy.
Open a short position when the euro reaches a quote of 1.1847 (red line on the chart) and then take profit around the level of 1.1800. However, do this only if the data on German GDP turn out to be much worse than the forecasts.
Analysis of transactions in the GBP / USD pair
Yesterday’s strong report on US manufacturing and service activity led to an immediate fall in the British pound, especially since the service sector in the UK is facing big problems. Uncertainty about Brexit also limits the upward potential of the currency.
Trading recommendations for November 24
The pound will move today depending on the latest data on US consumer confidence. If the report comes out better than expected, a new wave of decline may be seen in the GBP/USD pair. In particular, such will bring the quotes to the weekly low the pound was recovering from yesterday. But if the report comes out worse than the forecasts, the pair will most likely continue trading sideways.
Open a long position when the quote reaches the level of 1.3356 (green line on the chart) and then take profit around the level of 1.3405 (thicker green line on the chart). Good news on Brexit may strengthen the British pound. Open a short position when the quote reaches the level of 1.3318 (red line on the chart) and then take profit around the level of 1.3257. Bad news on Brexit, as well as better-than-expected data on US consumer confidence, will resume the downward trend in the GBP/USD pair.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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