Forex Trading Library

Intraday Analysis – EUR keeps high ground

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EURUSD continues higher
EURUSD-CHART-20.11.23

The euro grinds higher as consumer price growth meets market estimates in October. The current sideways action suggests that the bulls are looking to hold onto their recent gains after a breakneck rally. The top of a previously faded rebound at 1.0940 is the next stop as the pair flirts with the psychological level of 1.0900. A bullish breakout would attract the conservative ones who have stayed on the sidelines, paving the way for an extension to this year’s high of 1.1250. 1.0800 is a fresh support in case of a prolonged consolidation.

EURGBP seeks support
EURGBP-CHART-20.11.23

The pound struggles as retail sales numbers came out short of expectations. The pair is grinding the daily supply area around 0.8750-0.8770 from last May’s sell-off. A convincing breakout would force the bears to capitulate and trigger a broader recovery to the April peak of 0.8870. In the near term, the recent series of higher highs has driven the RSI into the overbought area and a pullback would be necessary for the bulls to catch their breath. 0.8700 is an important level to keep the current bullish momentum intact.

US 30 breaks key resistance
US-30-CHART-20.11.23

The Dow Jones 30 drifts lower as Fed officials insist on seeing more evidence of lower inflation. A break above September’s high and the psychological level of 35000 has prompted more sellers to cover their bets, helping the opposite side regain confidence instead. The bulls are pushing towards last summer’s high of 35700 in the hope of resuming the climb in the medium-term. Zooming into the hourly action, 35300 at the start of a liquidation in August is an intermediate resistance. On the downside, 34800 is the first support.

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