24.11.201711:16 Forex Analysis & Reviews: Trading plan for 24/11/2017

Análisis a largo plazo

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The US Dollar is going through a moderate rebound with the help of rising yields on government bonds. But the liquidity conditions remain poor, so volatility is not great at the moment. EUR / USD is close to 1.1850, while the GBP / USD is losing slightly below 1.3290. The stock market in Japan and China is more alive. Oil does not leave the peaks.

On Friday 24th of November, the event calendar is light in important news releases, but the market participants will keep an eye on Ifo Business Climate, Ifo Current Assesment and Ifo Expectations sentiment data from Germany and Flash Manufacturing, Sevices and Composite PIM reading from the US.

EUR/USD analysis for 24/11/2017:

Generally, the Ifo sentiment data are expected to slightly beat the last month figures. Ifo Business Climate is expected at the level of 116.6, Ifo Current Assesment is expected at the level of 125.0 and Ifo Expectation - at the level of 108.8. It is worth to notice, that the Ifo survey was made before the recent crisis in the German politics. Negotiations to form a new governing coalition in Germany collapsed this week, which could lead to a potentially unstable minority government. This political uncertainty has a knock-on effect on the German economy, but it also makes it harder to pursue further integration in Europe.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market is clearly trying to break out above the technical resistance at the level of 1.1880, but the market conditions remain overbought, the momentum is still weak and even starts to form a bearish divergence. The nearest support is seen at the level of 1.1823.

Market Snapshot: USD/CAD bounces from support

The price of USD/CAD has bounced from the technical support at the level of 1.2675 (50%Fibo) for the second time. The oversold market conditions are helping the bulls to move towards the level of 1.2731, but the key resistance to the upside is still at the level of 1.2836.

Market Snapshot: DAX Head & Shoulders pattern ready?

The price of German DAX index has finished the right shoulder of the Head & Shoulders technical pattern and now is ready to go below the level of 12,911 points. The neckline target projection is around the level of 12,503. The level of 12, 849 is the key level to the downside.

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