EUR/USD: Under pressure, however, still stable above 1.1300
December 1, 2021|The Forex Secret –There are some important releases this week, among them, BOC Gov Macklem Speaks, as head of the central bank, he has more influence over the nation’s currency value. Canadian GDP m/m, the broadest measure of economic activity and the primary gauge of the economy’s health. Australian GDP q/q, BOE Gov Bailey Speaks, USA ADP Non-Farm Employment Change, USA ISM Services PMI and the USA Non-Farm Employment Change are the key market movers of the week. The market might be volatile this week, the investors should stay alert.
November was quite impulsive for EUR/USD and took the price down till the 1.1187 level. However, bearish pressure is getting weaker and there is a possibility that bulls might take over. There is a fight going on between bears and bulls. In the picture above we can see that the current price of EUR/USD is trading above the dynamic 20 EMA and below the 1.1400 key level and above the 1.1300 key level with a bearish momentum, which indicates a sell. However if the price goes down below the 1.1300 key level, the market condition might be altered.
What We Can Expect from the EUR/USD?
As per the above findings, we can expect investors should focus on finding a buy as the current price is trading above the dynamic 20 EMA with a bearish momentum. However, if the price moves down to the 1.1300 daily closed candle, the buy would be invalid and investors should focus on finding a sell.