Today we are going to take a look at 1 minute and 15 minute EURUSD chart and perform our analysis for Monday, 23rd of November.
Trading on EURUSD has opened with a little gap, the price has slumped from 1.06429 to 1.06354 and then continued to decrease. It is important to see a long tail of the first candle on 1 minute chart, it could certainly mean that the price will be going down for at least few hours.
The bands also get tighten on 1 minute chart.
When looking at 15 minute chart, we can certainly see trendline being capped by the lower band.
This gives us a clue that the market will stay bearish for today.
Currently the target for this week is 1.063, yet the chances for it to be reached today are rather low.
When looking at this pair from a fundamental perspective, today we have to keep an eye on PMI related news coming from various European countries, focusing especially on German Manufacturing PMI. It is forecasted to be lower than the previous value, so it also ascertains the bearish market forecast. Later today we should also keep an eye on the US Manufacturing PMI, as it is also expected to be lower than before. It is also vital to spot the changes in the Existing Home Sales, as these news could contribute towards an increase in EURUSD value, current forecasts are rather negative for the dollar.
The analysis is supplied by Nick from Forex Bonus Lab, a resource dedicated to FX Trading and various promotions to boost up trading accounts.