Analysis of transactions in the EUR / USD pair
Yesterday was not the best day for the euro since both long and short positions only brought losses. The EUR / USD pair was locked trading in a side channel, mainly because in the morning, the growth of the euro was halted by the report of the ECB on financial stability. Then, the already weak indicators of the US economy did not allow the bears to realize sales, which also brought losses. It’s clear that the decrease in income and expenses of Americans, as well as the increase in the number of jobless claims, put pressure on the already depreciating US dollar.
Trading recommendations for November 26
Quite a number of economic reports are scheduled to come out today, one of which is the data on lending in the euro area. The European Central Bank will also disclose the results of its last meeting, and if it contains hints that the central bank’s monetary policy will ease this December, demand for the European currency will most likely decline significantly. To add to that, since the US is on a holiday, many markets will be closed. Therefore, in order to prevent repeating the situation yesterday, traders need to be careful when trading at current highs.
Open a long position when the euro reaches a quote of 1.1935 (green line on the chart) and then take profit at the level of 1.1970. However, growth will occur only if the ECB retains their monetary policy. Open a short position when the euro reaches a quote of 1.1918 (red line on the chart) and then take profit around the level of 1.1882. However, do this only if the ECB gives hints that its monetary policy will be changed this December.
Analysis of transactions in the GBP / USD pair
Yesterday was not the best day for the British pound. Long positions set from 1.3375 only resulted in losses, mainly because of the statements from the European Commission. According to its head, Ursula von der Leyen, both the EU and the UK are unsure yet if an agreement will be signed, as important differences persist between the two parties. Against this background, the GBP / USD pair fell, which led to the formation of a sell signal at the level of 1.3348. The quotes moved down by about 40 pips.
Trading recommendations for November 26
The pound will move today depending on the latest reports over the Brexit negotiations. Any progress will lead to an immediate rally in the pound, while the lack of it will increase the pressure on the GBP / USD pair. To add to that, since the US is on a holiday, many markets will be closed. Therefore, in order to prevent repeating the situation yesterday, traders need to be careful when trading at current monthly highs.
Open a long position when the quote reaches the level of 1.3399 (green line on the chart) and then take profit around the level of 1.3441 (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 1.3377 (red line on the chart) and then take profit around the level of 1.3333. Bad news on Brexit 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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