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29.11.202204:55 Forex Analysis & Reviews: Forecast for EUR/USD on November 29, 2022

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Yesterday, the euro traded in the range of 164 points and closed the day with a decline of 56 points. The upper shadow of the price reached the MACD indicator line on the weekly chart. Then the price returned to the global range, it is marked with green lines.

Exchange Rates 29.11.2022 analysis

The usual divergence has formed on the daily chart and now the price is aiming for 1.0205. At the same time, the divergence does not disrupt the formation of a double top.

Exchange Rates 29.11.2022 analysis

Oil was down 0.53% yesterday (WTI) and the S&P 500 stock index also down 1.54%. The euro is also losing support from related markets. Yesterday evening, Federal Reserve officials James Bullard and John Williams spoke and said that the US central bank intends to keep policy tight longer than the markets currently anticipate.

Exchange Rates 29.11.2022 analysis

On the four-hour chart, the price reached the 1.0470/90 range that I previously mentioned, then it settled under the MACD line and under the upper limit of the 0.9710-1.0360 range. The signal line of the Marlin oscillator has entered the negative territory. We expect the price to reach the nearest target support of 1.0205.

Laurie Bailey
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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