Mon, Nov 29, 2021 @ 11:31 GMT
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Daily Technical Analysis

EUR/USD

Current level – 1.1592

The currency pair is currently holding steady above the support of 1.1582, but the momentum of the bulls was not strong enough to test the resistance of 1.1640. Two scenarios are possible in the development of this complex pullback. In the first one, the failure of the bears to breach the 1.1528 support would make them look for better prices above 1.1582 and to fill in their ranks. In this case, a breach of 1.1528 would provoke a drop towards 1.1400. Given that the bulls are able to hold their positions and manage to attack 1.1640, they would heighten their chances for success and the next target for them would be the zone of 1.1670-1.1690. This week, more significant news affecting the pair is the housing data for the United States on Tuesday at 12:30 GMT.

Resistance Support
intraday intraweek intraday intraweek
1.1640 1.1750 1.1582 1.1410
1.1687 1.1800 1.1528 1.1280

USD/JPY

Current level – 114.05

The bulls did not manage to gain enough momentum to successfully breach the resistance zone of 1.1597 and, during the early hours of today`s trading session, the pair is trading just under the mentioned level. A new test of the level in question is a highly probable scenario and, if successful, the pair will most likely continue to recover and target the resistance level of 1.1639. However, if the bears regain control of the market and breach the support zone of 1.1528, the common European currency will most likely continue to lose ground against the greenback and move towards the levels of around 1.1400. During today’s session, volatility could spike when the data for the retail sales in the U.S. is announced (today; 12:30 GMT).

Resistance Support
intraday intraweek intraday intraweek
114.34 117.90 113.64 112.00
115.60 118.50 113.00 111.56

GBP/USD

Current level – 1.3737

The Cable managed to breach the key resistance of 1.3713 and reached the next one of 1.3760. Expectations remain positive – for the recovery to continue, and corrective movements should remain limited above 1.3666. Consumer price index data is expected this week (Wednesday; 12:30 GMT) for the United Kingdom. Higher-than-expected data could lead to speculation about raising interest rates and appreciation of the sterling.

Resistance Support
intraday intraweek intraday intraweek
1.3762 1.3830 1.3713 1.3570
1.3830 1.3900 1.3666 1.3420

DeltaStock Inc.http://www.deltastock.com/
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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