Weekly Forex Forecast -17/11 : Support Ahead (Chart)
Weekly Forex Forecast -17/11 : Support Ahead (Chart) . (MENAFN - Daily Forex) The EUR/USD like many major currencies has found its value getting hammered lower as USD centric strength has galvanized global Forex amidst risk adverse trading and shifting ...
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(MENAFN- Daily Forex) The EUR/USD like many major currencies has found its value getting hammered lower as USD centric strength has galvanized global amidst risk adverse trading and shifting behavioral sentiment.



The EUR/USD went into this weekend near the 1.05380 ratio. The low for the week in the currency pair was around the 1.04955 vicinity on Thursday.

While the trading of the EUR/USD was able to climb higher on Friday and tested the 1.05925 ratio, the currency pair showed weakness as the week came to a close. Behavioral sentiment has certainly seen a strong USD centric mode increase since the election of President-elect Trump has been reacted upon. The EUR/USD was trading near the 1.09320 mark on late Tuesday the 5th of November.

U.S data the past week and a half has actually been favorable regarding the potential of a cautious U.S Federal Reserve remaining dovish. However, financial institutions continue to trade on the premise that their changing outlook regarding U.S economic policy may cause problems in Forex. Yet, the noise being generated at some point will likely begin to erode, and then financial institutions may have to ponder if the EUR/USD has sold off too strongly.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Nervous Trading and EUR/USD

Retail traders who have tried to jump in front of the trend downwards in the EUR/USD have likely met unwelcome surprises. The power of the move lower in the EUR/USD and many other major currencies has been strong and fast. Support levels are being tested across a large technical landscape. The EUR/USD has entered a support vicinity which last saw these values traded in October of 2023.

Looking for a reversal higher at this juncture in the EUR/USD could prove difficult to time properly. Economic data from the U.S and Europe is not having much of an effect of the value of the currency pair, it is nervous behavioral sentiment which is driving the price. The question is when anxious financial institutions may start to gain confidence in currencies other than the USD. There are approximately ten weeks until U.S President-elect takes power, but financial institutions are betting on their outlooks already. Fundamentally, financial institutions may be proven wrong over the long-term, yet for the moment that does not matter and selling power is proving strong Support and Choppy EUR/USD Conditions



If the EUR/USD is able to start showing some buying momentum tomorrow and on Tuesday and support levels begin to look durable, this may be a sign financial institutions believe the currency pair is starting to enter oversold territory that needs a response.

Day trading in the EUR/USD will likely remain dangerous this week, but for those with a taste of adventure the support levels below may look attractive as places to try and look for reversal higher. But betting on a sustained move higher in the near-term may be too much wishful thinking, this until behavioral sentiment starts to solidify in financial institutions.

The wave of nervous trading which has gripped Forex and the EUR/USD the past couple of weeks isn't going to suddenly disappear and choppiness needs to be expected. Technical support around the 1.05100 to 1.05000 should be watched to see if these levels can hold early this week.EUR/USD Weekly Outlook:Speculative price range for EUR/USD is 1.04490 to 1.06540

The ability of the EUR/USD pair to brush aside support levels in the past two weeks, in fact since the end of September has been quite evident. When the EUR/USD broke through the 1.06000 level on Wednesday of this past week, the currency pair struggled and was not able to touch the value again.

EURUSD Chart by TradingView

Financial institutions remain nervous and day traders should feel the same way. Choppy results in the EUR/USD likely have another week or so of rather difficult trading ahead. Conservative leverage should be used by speculators who are trying to take advantage of the strong move lower in the EUR/USD. If the currency pair falls below the 1.05000 level and sustains depths not seen since October 2023, this would be another nervous signal and a warning for day traders that trying to swim in the current conditions may remain brutal.

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2024-11-17
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(MENAFN - Daily Forex) The EUR/USD like many major currencies has found its value getting hammered lower as USD centric strength has galvanized global Forex amidst risk adverse trading and shifting ...
Weekly Forex Forecast -17/11 : Support Ahead (Chart)