Technical Analysis

Dollar holds a little sluggish on the day but overall momentum still largely intact

The dollar continues to keep in a good spot technically

The greenback is trading more mixed and a touch lower on the day but it isn’t anything that is too significant as compared to the changes in the past week, or even yesterday.

EUR/USD dipped below 1.1200 for the first time since June 2020 in US trading yesterday but is now holding around 1.1220. The light bounce today means little in the bigger picture as we can clearly see based on how the weekly chart is playing out:

Dollar bulls are still very much in charge and that is also evident by USD/JPY price action as buyers look to seek a technical break above 115.00 on the week:

USD/JPY W1 25-11

The pair may be down 0.1% today but keep above the 115.00 level and buyers will have a good platform to build upon in search of extending the upside leg from here.

Elsewhere, the dollar is also slightly softer against the pound and loonie so far today but it isn’t anything too outstanding. With the Thanksgiving holiday period set to engulf markets, we may not get much meaningful moves until next week for FX.

Invest in yourself. See our forex education hub.

Articles You May Like

WTi crude oil settles at $50.95
CFTC Commitments of Traders – JPY’s Net Short Trimmed Sharply on Safe Haven Demand
forex Indicator – Easy Trading System (FULL VERSION) for mt4 free download
How to Trade Forex Using MetaTrader 4 (MT4) Walkthrough | Beginner Friendly
Gold rate today: Yellow metal rises by Rs 200; silver steady

Leave a Reply

Your email address will not be published. Required fields are marked *