Forex FOREX PRO WEEKLY, November 21 - 25, 2022

consolidation in play....

EURUSD (1H).PNG
 
Morning everybody,

EUR finally has destroyed bullish potential scenario by breaking 4H triangle down. It means that finally bearish "Stretch" pattern has pushed EUR down. By looking at daily chart is seems that EUR could stuck around strong Fib support cluster of 1.0120-1.0190 . Here we have two overlapping K-areas. Besides, reaching of 1.0190 at least gives us also tactic B&B "Buy" here.
eur_d_22_11_22.png


4H chart also shows that we have downside XOP precisely in the same area, making Agreement support. XOP, btw is an ultimate H&S target that we have here:
eur_4h_22_11_22.png


On 1H EUR is forming bearish flag consolidation after some acceleration down to OP target on 4H chart. So, it seems that chances are not bad that price could follow to XOP.
eur_1h_22_11_22.png


That's being said, for the bulls its time to wait until major support area will be reached. Bears could either hold existed positions or even to consider to take the new one on intraday charts with the same target around daily K-support and 4H XOP.
 
Morning everybody,

Today we have some new technical details that could change overall view on EUR. First is, we've got the bearish grabber on Dollar Index:
1669191046871.png


Although we do not have it on EUR, but anyway it puts important background now, suggesting that EUR also could re-test previous top. Since we have just 5 sessions until the end of November - it could be enough to give us confirmed B&B setup as on monthly EUR as on DXY.
Second is, if this scenario happens, we could get DRPO "Sell" here, on daily chart, that triggers monthly downside pattern.
eur_d_23_11_22.png


On 4H chart we see the bounce from recently mentioned OP target and 1st K-support area.
eur_4h_23_11_22.png


Currently market has not totally destroyed bearish setup, but it stands close. Upside breakout of former trendline and two side by side levels, and, especially action above 1.04 area will confirm bullish reversal, suggesting that EUR is going to re-test the top. Let's keep watching.
eur_1h_23_11_22.png
 
OFF-TOPIC (Gbp/Cad)
From a technical point of view and if we look at the short term (1H), the rally started on September 26th hit the first target at 1,600, at the same time I cannot rule out reaching the second target before a deep bearish leg. Talking about short position, it might be interesting to look for some reversal pattern on daily chart. For scalp trades, it could be a buy the dip...

PS: pound, still remains technically attractive in general (gbpusd, gbpjpy....)

GBPCAD (1H).PNG

Andreas
 
Yesterday's session should have confirmed another short-term rally, first target around 1.053 and second at the 1.060 area. Technically speaking, a bearish leg will appear only after wave (V) development.

EURUSD (1H)
EURUSD (1H).PNG



DOLLAR INDEX (1H)

DXY (1H).PNG
 
Morning everybody,

We wish Happy ThanxGiving to all our American members!

So it seems that DXY grabber has appeared right in time. Fed minutes were not as hawkish as many members stand in favor of slowdown of the policy or even to make a temporal stop to see what will happen. But this was last month and we will see what will happen in December...
Meantime, EUR is going with our recent analysis, aiming on previous top. Andreas has specified 1.0530 as nearest target, our intraday chart shows 1.05, but in general we need 1.0578 by the end of November to get superb monthly B&B "Sell". Let's keep watching:
eur_d_24_11_22.png


On 4H chart EUR has done all confirmations of bullish reversal - trendline has been broken up, right arm of H&S has erased and price even has climbed above "C" point, which means that AB-CD pattern is also erased and retracement is over.
eur_4h_24_11_22.png


It means that we do not need to consider any far standing levels and should focus only on most recent upside swing. Here I would consider two nearest levels - 1.0390 and K-area of 1.0354-1.0362, say, for stop placement. Also it agrees with broken trendline that gives additional support. Here is our 1.05 target, which is XOP of local AB-CD pattern.

eur_1h_24_11_22.png
 
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