It was a public holiday in the USA. We attribute the fall in activity in the American session to the holiday.
Day’s news (GMT 3):
- 12:30 UK: ILO Unemployment Rate (3M) (Sep), Claimant Count Change (Oct).
- 13:00 Germany: ZEW Survey – Economic Sentiment (Nov).
- 13:30 USA: Fed’s Clarida speech.
- 21:00 USA: Fed’s Harker Speech.
Bulls fought back from the 135th degree, but the price has not yet left the reversal zone (1.1014-1.1043). Since Monday was a public holiday in America, market activity is set to recover today.
The price is on the balance line. We believe that upward movement will come in three waves. Almost all the euro crosses are in the black, except for EURGBP and EURAUD. The euro will immediately accelerate upwards if we get an upwards correction on the EURGBP pair. The downwards correction from 1.1043 made up 61.8% of the increase.
According to Friday's forecast, the target was 1.1060. If the three impulse waves will be approximately equal, and bears do not defend positions near 1.1050, then bulls will be able to reach 1.1060. If sales follow from 1.1050, then be prepared to see a new low. 1.1017. The conditions for growth are met. The resistance level is set at 1.1050.
From the statistics, it is worth highlighting the report on the UK labour market, as well as ZEW indices in Germany and the Eurozone.