EUR/USD: The Bears Took Over, Is It a Sell?
November 4, 2021|The Forex Secret –The week started with G20 meetings, which was attended by the finance ministers and central bankers from 20 industrialized nations. There are also a few important releases this week, such as, ECB President Lagarde Speaks, who has control over interest rate and has influence over euro’s value, ADP Non-Farm Employment Change, ISM Services PMI, Federal Funds Rate are the key market movers. Therefore, the investors may find the market a little volatile.
There is a fight going on between bulls and bears from the start of the week. However, the bears took over after a correction. In the picture above, we can see that the EUR/USD is currently trading below the dynamic 20 EMA. We can predict that the price may go down to 1.1500 key level, which indicates a sell. However if the price moves up at the 1.1700 event level and closes daily candle, the sell will be invalid.
What Can We Expect from the EUR/USD ?
As per the above findings, we can expect investors should focus on finding a sell as the current price is trading below the dynamic 20 EMA with a bearish momentum. We can predict that the price may go down to 1.1500 key level. However, if the price moves up to the 1.1700 daily closed candle, the sell would be invalid and investors should focus on finding a buy.