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EURUSD: bears set up to test 1.10

EURUSD: bears are set to test 1.10

On Tuesday the 26th of November, the euro was slightly up at the close of trading. The value of the euro spent the whole day in a sideways trend. On the one hand, the euro supported the EURGBP cross, but on the other hand, the strengthening US dollar put it under pressure.

The cross currency gained value, amid a weakening pound. According to the results of the latest political poll in the UK, the advantage held by the Conservative Party ahead of the General Election has decreased.

Representatives of the United States and China said that the trade agreement negotiations are approaching a conclusion. Major US stock indices continued to rise and reached new highs.

Day’s news (GMT 3):

16:30 USA: Gross Domestic Product Annualized (Q3), Durable Goods Orders (Oct), Continuing Jobless Claims (Nov 15).

18:00 USA: Pending Home Sales (MoM) (Oct), Personal Spending (Oct).

18:30 USA: EIA Crude Oil Stocks Change (Nov 22)

22:00 USA: Fed's Beige Book.


Current situation:

During the day, the EURUSD pair was caught in a sideways trend. The price did not reach the calculated level of 1.0990. At the time of writing, the euro is worth 1.1008. We still expect a weakening of the single currency against the US dollar, and as a result, we will not be making any changes to our forecast.

This week is “shortened” due to Thanksgiving taking place in the US on Thursday, therefore, with a decrease in liquidity, sharp fluctuations are possible, as is a fall in value below 1.0990. At 16:30, the report on US GDP for the third quarter will be published. This is the second assessment, so we shouldn’t be expecting any strong reactions to it. An exception would be serious deviations from the previous value.

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