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Past review of EUR/USD pair
The EUR/USD pair continued to rise last Friday, although there was a reduction in trading volumes due to the early closure of US exchanges.
What was published on the economic calendar?
There was almost no flow of statistical data. The only thing that could be noted was France's inflation data, where an increase of 0.2% was recorded, but this is not the general indicator for the European Union, so the market did not pay attention to it.
What happened on the trading chart?
The quote still followed an inertial move. As a result, it was possible to direct the European currency towards the levels of 1.1950-1.1960. There are only a few points remaining to the main resistance level of 1.2000, which means that buy positions can be reduced due to the risk of a natural rebound.
Past review of GBP/USD pair
The pound reflected a mirror picture against its European counterpart at the end of last week, whose rate also declined.
What was published on the economic calendar?
The economic calendar was empty. There were no published statistics from the UK and US, so the market followed technical analysis.
What happened on the trading chart?
During the entire trading week, there was a characteristic sideways price movement on the market between the levels of 1.3300 and 1.3400. Market participants are so used to these coordinates that they have developed a natural basis associated with them. As soon as the price approached the set values, there was a reduction in the trading volume, which resulted in a reversal in the opposite direction.
Trading recommendation for EUR/USD on November 30
Today's economic calendar includes the publication of Italy's inflation data, where a further decline is expected. As for the data in France, the market is not interested in its statistics nor the individual EU countries. On the other hand, the index for pending sales in the US real estate market is expected to be published before the European session ends, where there is a forecasted growth of 1.0% for October.
As for the technical analysis, the quote is still under pressure from overheated buyers, who almost reached the important resistance level of 1.2000.
On the history of the trading chart, in particular on September 1, there was a sharp decline in euro's buy positions within the level of 1.2000. Currently, the natural repetition associated with the given coordinates is not excluded.
Traders should be prepared for a possible price reversal.
An alternative scenario of the market development will be considered if the price consolidates above the level of 1.2000 on a daily time frame. To simply put, the quote needs to stay above the 1.2000 level during the new trading day. In this case, there may be a drastic change in the market, and buyers will have a chance for a further upward price movement.
Trading recommendation for GBP/USD on November 30
Looking at the economic calendar, we have the publication of lending market data in the UK, where growth is expected to slow down. The volume of mortgage lending is expected to grow by 4.3 billion pounds, which rose by £ 4.8 billion last month. On the other hand, the number of approved mortgage loans is expected to decline from 91.45 thousand to 84.49 thousand.
The real estate market has always been one of the main criteria for determining the investment attractiveness of the British economy, thus the decline in market activity negatively affects the pound.
UK 9:30 Universal time - Lending market
From a technical viewpoint, the situation has not changed. The quote still moves between the price levels of 1.3300 and 1.3400, consistently working out the specified boundaries.
Now, the trading chart clearly shows how the quote recently rebounded from the level of 1.3300 in the opposite direction. If we consider the price movement between the levels of 1.3300/1.3400 as a sideways channel, then it is possible to add another coordinate – 1.3350, which will be considered an average deviation.
Thus, price consolidation above the level of 1.3355 may lead to a successive growth towards the limit of 1.3400.
An alternative scenario of the market development will be considered if the price fails to consolidate above 1.3355, which will lead to a temporary swing in the lower part of the 1.3300/1.3350 channel.
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