By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
At the beginning of the second week of November, euro/dollar is trading at 1.1560. The market keeps supporting the USD, and there are reasons for it.
According to statistics, the unemployment rate in October dropped to 4.6%, which is quite good. Average hourly wage over the reporting period increased by 0.4% m/m, which is a great result. The NFP in October grew above the expected – by 531 thousand.
On the whole, the employment statistics was positive, which supported the dollar. However, it felt quite confident earlier: the results of the Fed conference in November went according the expectations. The Fed cut down on stimulation as forecast.
On H4, EUR/USD performed a wave of decline to 1.1514 and a correction to 1.1560. The correction might continue to 1.1626. When it is over, the next wave of decline should continue, aiming at 1.1480. The goal is local. Then we expect a link of growth to 1.1560. Technically, this scenario is supported by the MACD: its signal line is trading below zero. Today, the indicator signals a possible correction. When it is over, we expect the signal lines renew next lows.
Free Reports:
On H1, EUR/USD bounces off 1.1615 and performed another link of a declining wave to 1.1514. Today the market has performed a correction to 1.1558 and at the moment is trading in the consolidation range. With an escape upwards, a pathway to 1.1605 (at least) will open. With an escape downwards, trend will continue to 1.1480. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is trading above 50. We expect growth to 80. Then the indicator might drop to 20.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…
By ForexTime US500 ↓ 4% month-to-date High impact events could rock index Fed decision, earnings…
By JustMarkets As of Thursday's close, the Dow Jones Industrial Average (US30) was down 0.98%, while the…
By RoboForex Analytical Department The price of a troy ounce of gold climbed to 2330.00 USD…
Learn what the AIM Index reveals By Elliott Wave International Yes, there's been a recent…
By Peter A. Coclanis, University of North Carolina at Chapel Hill and Leon Fink, University…
This website uses cookies.