empty
24.11.2022 11:10 AM
Trading plan for EUR/USD and GBP/USD on November 24

The long-anticipated correction was delayed by the preliminary business activity index in Europe, which came out much better than expected. It rose to 47.3 points instead of declining to 47.8 points. Sadly, this did not prompt an increase in euro as the market halted rally ahead of possible similar data from the US.

Composite Business Activity Index (Europe):

This image is no longer relevant

The UK also reported good data, outlining an unchanged business activity index in both service and manufacturing sectors. Surprisingly, the composite index rose from 48.2 points to 48.3 points even though its two components were unchanged. Analysts have predicted it to decrease to 47.5 points.

Composite Business Activity Index (UK):

This image is no longer relevant

In the US, although the report on durable goods orders rose by 1.0%, the overall statistics was disastrous. In particular, initial jobless claims rose by 17,000, while repeated claims increased by 48,000. This means that even though the unemployment rate is at a record low, lay off data will surge, which will increase fears of recession.

PMI data are even worse, with the index for the service sector falling to 46.1 points instead of rising to 49.3 points. The manufacturing index also declined to 47.6 points rather than decreasing to just 50.1 points. This resulted to the composite index sliding to 46.3, although it should have risen to 49.5 points.

Jobclaims (United States):

This image is no longer relevant

With today being a holiday in the US, the market is likely to consolidate around the levels reached yesterday. This will last until the end of the week, especially since no one wants to take risks in the absence of US traders, who control most of the capital circulating in the financial markets.

EUR/USD rose sharply yesterday, completely winning back the recent correction from the resistance level of 1.0500. But now that the pair is overbought, a price decrease is likely to happen, followed by a rebound.

This image is no longer relevant

The recent halt in GBP/USD paved the way for a rally. It is now above 1.2100, and moving 200 points further will make it overbought, which could lead to a rebound.

Mark Bom,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2025
समय सीमा चुनें
5
मिनट
15
मिनट
30
मिनट
1
घंटा
4
घंटे
1
दिन
1
सप्ताह
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.