PMI reports from the EU, the UK, and the USA will be released during the day!
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.
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…