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Daily Forex Analysis EUR/USD

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Old 27-11-2020, 13:20
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Default Daily Forex Analysis EUR/USD

EURUSD fell today below 1.19 on the wave of correction in the markets, which was a rebound from earlier moves, and also, above all, low liquidity due to the Thanksgiving holiday in the US, which may also be due to some randomness of some moves. One cannot explain today's decline of EURUSD by the notes from the November meeting of the European Central Bank, published in the early afternoon. They were dominated by generalities, but there were no negative surprises, such as the accentuation of a possible interest rate cut. The decision-makers agreed that a comprehensive package of measures would be necessary in the context of negative risks and high uncertainty experienced by the economy. There have been many references to the fiscal package, which only further emphasizes the need to launch quick actions that may be blocked by the Polish-Hungarian veto. Nevertheless, in this matter, the expectations are that the German presidency in the EU will manage to work out a political consensus. The EURUSD fell below 1.19, but rather for a moment.

Technically, there are no major threats to the upward trend at the moment. More probability can be attributed to the attempt to break today's high at 1.1940 than breaking the low at 1.1884 and further on the uptrend line around 1.1870.

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