EURUSD 2017-11-27 Intra-day analysis
Euro maintains it's strong gains with a quiet day ahead.
Daily Forex Market Preview, 27/11/2017
The euro currency managed to post strong gains on Friday with the U.S. dollar identified as weakening. The rally in the common currency saw the 1.1900 handle being reclaimed once again. The decline in the U.S. dollar came amid stronger economic data from the Eurozone.
Oil prices also posted strong gains on Friday ahead of the OPEC meeting that is due to start this week. WTI Crude oil prices are seen trading close to the $60 a barrel price level. OPEC member nations and Russia are expected to announce further extensions to the oil production cuts this week.
Looking ahead in the economic calendar today there is some light activity. The U.S. trading session will see the release of the new home sales data. Economists polled are expecting to see the new home sales data rise to 627k in October. Previously, new home sales data surged by 667k in September marking a strong increase. Elsewhere, the BoE chief economist Andy Haldane is expected to speak today, followed by the outgoing FOMC voting member, Kashkari.
EURUSD intra-day analysis
EURUSD (1.1923): The euro closed with strong gains on Friday marking a four day winning streak. Price action is seen trading close to 1.1950 level, where an unfilled gap from the 22nd of September is likely to be filled. In the near term, EURUSD could potentially correct itself downwards with support seen at the 1.1842 – 1.1822 level. Establishing support at this previously established resistance level will signal further increases in the near term. Above 1.1950, EURUSD could be seen aquiring further gains towards the 1.2000 handle. However, failure to establish any near term support could see EURUSD at the risk of correcting downards.
