Forecast for EUR/USD on November 26, 2020
Yesterday’s important economic US indices came out mixed, which somewhat confused American investors and they preferred to leave the market before this weekend due to a national holiday. The volume of orders for durable goods in October increased by 1.3% (forecast 1.0%), sales of new homes reached 999,000 against 959,000 in September while the forecast was 972,000. Personal expenses increased by 0.5% (forecast 0.4%). Personal income of consumers fell: -0.7%, the index of consumer confidence in the assessment of the University of Michigan was also down 76.9 against 77.0 previously. GDP in the second estimate for the third quarter remained unchanged at 33.1%. There are still brighter things in the overall picture, but the published minutes from the last Federal Reserve meeting came out in a negative tone due to the expansion of the coronavirus.
The daily chart of the EUR/USD pair shows that the price has settled above the MACD line and is already trying to go above the upper border of the price channel (1.1935). Success in doing so will extend the rally towards the 1.2010 target level – to the September 1 high.
The four-hour chart shows that the divergence that was outlined yesterday with the Marlin oscillator has re-formed into a signal line range (marked with a gray rectangle) from which the price intends to go up. The general price mood is to rise. We are waiting for the pair to reach the designated target.
The material has been provided by InstaForex Company – www.instaforex.com