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How to make money on the foreign exchange market! Trading ideas for traders 11/26/2020: EUR/USD is about to hit 1.20!

26 november 2020 - Fx4News

In the Asian session on Thursday, the European currency is growing against its American counterpart and is already quoted at September highs above 1.19. The growth of the EUR / USD pair continues for the third session in a row.

 

AMarkets

 

As before, the main currency risk is supported by optimistic sentiments in financial markets associated with the start of the transfer of power in the United States, as well as with the expectation of the imminent start of vaccination against coronavirus. The weak dollar is also on the side of the euro buyers. Yesterday traders were presented with a large amount of interesting macroeconomic statistics from the US, which, as expected, disappointed.

 

First of all, the dollar was pressured by the data on the number of initial applications for unemployment benefits. For the week ended November 20, the number of applications again increased from 748 thousand to 778 thousand.The number of repeated applications for the same period decreased from 6.37 million to 6.071 million, which was slightly worse than the forecasts of experts who had expected a decrease in the indicator to 6 , 02 mln. The GDP level for the third quarter did not change relative to the previous indicator and amounted to 33.1%, which is worse than the projected 33.2%. Most disappointing was the data on personal income of American households, which fell 0.7%. Such a depressing report confirmed the negative impact of the pandemic, as well as the repeated lockdowns it provoked in many states, on economic activity in the country, as well as the national labor market. The minutes of the last meeting of the American regulator, published at the close of the day, indicated that the Fed's course for additional easing of monetary policy was retained. With that said, the dollar sell-off is more likely to continue, supporting the bullish rally in the EUR / USD pair.

 

European investors are now focusing on the speech of the ECB representatives Philip Lane and Isabel Schnabel. Also during the day, the European regulator is to publish the minutes of its last meeting on monetary policy. In case of another hint of the ECB about its readiness to expand the scope of the current quantitative easing program or to further reduce the rate, expectations of a favorable effect on the EU economy of new stimuli may well provide additional support for the euro.

 

 

EUR / USD BuyLimit 1.1870 TP 1.20 SL 1.1830

 

Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. Author Artem Deev is a trader analyst at AMarkets . The social network of traders is not responsible for possible losses in case of using the review materials

 

 

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