How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
Market updates on November 28
Key events ahead:
European Business Confidence – 12:00 MT time (10:00 GMT)
German Yearly Preliminary Inflation Rate – 15:00 MT time (13:00 GMT)
- On the H1 chart of EURUSD, the euro has been in a sideways movement against the US dollar until recently. The RSI and Stochastic Indicators entered the overbought zones when the price reached 1.1014. Once the RSI crosses the 70% upside-down and the Stochastic’s fast line crosses the slow one the same manner, it may be a good moment to open shorts. The supports may be located at 1.1004 and 1.0994 for this scenario. The resistance level may be located at 1.1023.
- On the H1 chart of GBPUSD, the price reached a 1.2947 high, forming the local resistance level last night. Then it bounced down to 1.2922 and is now in a sideways movement. The MACD is indicating that the market is in the overbought state. That means the price is very likely to decline soon. For this scenario, the support levels may be located at 1.2922, 1.2872 and 1.2833. The bulls may have an additional resistance level of 1.2963.
- On the H4 chart of EURGBP, the MACD is indicating the oversold state of the market. At the same time, the Stochastic Indicator’s fast line has already crossed the slow one bottom-up within the oversold zone. Altogether, these are the signs that the price is likely to move upwards soon. In this case, the resistance levels may be located at 0.8572 and 0.8602. The support may be placed at 0.8495.
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The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.