27.11.201712:02 Forex Analysis & Reviews: Trading plan for 27/11/2017

Revisione a lungo termine

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On Monday, the US Dollar is slightly stronger against the main currencies except for JPY, although moves remain small compared to the downtrend before the weekend. Asian indices go back due to the falling market in China. Crude Oil is in pull-back, Gold remains in place.

On Monday 27th of November, the event calendar is very light in important news releases as there is only New Home Sales data from the US scheduled for release in the afternoon.

EUR/USD analysis for 27/11/2017:

This pair is rising this morning in the direction of 1.20. A series of impressive data on economic activity in Euroland is a good foundation for growth. The market also took on the potential political risk in Germany, as the specter of repeated elections was dismissed, but the chances of repeating the "Great Coalition" increased. The only obstacle to breaking the 1.20 is the ECB, which this autumn several times activated itself when the course wandered so high. Controlled "leaks" of ECB members' dissatisfaction with the excess of EUR strength may hit the market at any time and put the buyer's foot.

Factors on the US Dollar side have little chance to improve its position. A clear sell-off before Thanksgiving was additionally fueled by a dovish tone of FOMC minutes. Of major publications, GDP revision, PCE Core and ISM Manufacturing are scheduled for the second part of the week. Also, the early voting in the US Senate will no longer take place, and the voting period may be full of information about the problems of meeting with sufficient support.

Let's now take a look at the EUR/USD technical picture in the H4 time frame. The market has finally closed the small gap around the level of 1.1945 and now the rally's momentum is diminishing as the bearish divergence is visible at this time frame. The next support is seen at the level of 1.1880 and 1.1856.

Market Snapshot: Crude Oil hits 127% Fibo extension

The price of Crude Oil has hit the 127$ Fibonacci extension of the previous leg down at the level of 58.77 and pulled back towards the golden channel trend line support. The market conditions are clearly overbought and the nearest support is seen at the level of 58.15.

Market Snapshot: DAX about the break out to the downside?

The price of German DAX index is still developing the Head & Shoulders pattern where the right shoulder is about to complete. In this situation, the price should break out below the dashed black trend line and head towards the technical support at the level of 12.911 and the neckline around the level of 12,849.

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