EU Session Bullet Report – US Holiday, USD at new highs

After posting a new multi month low, EURUSD stuck in a 15 pip range throughout the Asian Session. Yesterday, the common currency visited 1.0565, levels not seen since April. Catalyst for the move lower, was the expectation that FED will raise rates in December after a period of 10 years of no raise policy, something that was further exacerbated by the strong US data released yesterday. Combined with the expectation that ECB will add further stimulus in December to help combat the fatiguing EU economy, then there’s not much reasons for the EUR to behave in any other way. USD index is not trading above 100. Meanwhile, today markets will be closed in the US due to the Thanksgiving Day celebration. Tomorrow US will also have Black Friday, so liquidity might be thin until Monday. Also notable, the AUD/USD pair advanced up to 0.7282, its highest in 5 weeks, but ended the day unchanged around 0.7240. The GBP/USD pair came under increasing downside pressure and fell down to 1.5055 during the European morning, but bounced and took the 1.5100 level on better than expected GDP data. Oil and GOLD are slightly higher.
Data wise, it is pretty quiet today but given the holiday lack of liquidity can often lead to greater volatility.

Trading Quote of the Day:

“Risk comes from not knowing what you’re doing.”

Green lines are resistance, Red lines are support.

EUR/USD
Pivot: 1.065
Likely scenario: Short positions below 1.065 with targets @ 1.056 & 1.052 in extension.
Alternative scenario: Above 1.065 look for further upside with 1.068 & 1.071 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.065.

GBP/USD
Pivot: 1.5155
Likely scenario: Short positions below 1.5155 with targets @ 1.5045 & 1.4965 in extension.
Alternative scenario: Above 1.5155 look for further upside with 1.519 & 1.523 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.5155.




AUD/USD
Pivot: 0.7215
Likely scenario: Long positions above 0.7215 with targets @ 0.7285 & 0.732 in extension.
Alternative scenario: Below 0.7215 look for further downside with 0.718 & 0.715 as targets.
Comment: A support base at 0.7215 has formed and has allowed for a temporary stabilisation.

USD/JPY
Pivot: 122.45
Likely scenario: Long positions above 122.45 with targets @ 122.75 & 122.95 in extension.
Alternative scenario: Below 122.45 look for further downside with 122.2 & 122 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/CAD
Pivot: 1.3335
Likely scenario: Short positions below 1.3335 with targets @ 1.327 & 1.324 in extension.
Alternative scenario: Above 1.3335 look for further upside with 1.338 & 1.34 as targets.
Comment: A break below 1.327 would trigger a drop towards 1.324.

USD/CHF
Pivot: 1.017
Likely scenario: Long positions above 1.017 with targets @ 1.025 & 1.028 in extension.
Alternative scenario: Below 1.017 look for further downside with 1.014 & 1.012 as targets.
Comment: Technically the RSI is above its neutrality area at 50.

GOLD
Pivot: 1067
Likely scenario: Long positions above 1067 with targets @ 1081.2 & 1084 in extension.
Alternative scenario: Below 1067 look for further downside with 1063.5 & 1061 as targets.
Comment: A support base at 1067 has formed and has allowed for a temporary stabilisation.

OIL
Pivot: 43.45
Likely scenario: Short positions below 43.45 with targets @ 41.7 & 41.26 in extension.
Alternative scenario: Above 43.45 look for further upside with 43.9 & 44.52 as targets.
Comment: As long as 43.45 is resistance, likely decline to 41.7.

DAX
Pivot: 10980
Likely scenario: Long positions above 10980 with targets @ 11250 & 11325 in extension.
Alternative scenario: Below 10980 look for further downside with 10865 & 10770 as targets.
Comment: The RSI is bullish and calls for further advance.

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TIME IS IN GMT(+2)

Report prepared by the easy-forex VIP desk at 06:20 GMT.

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