EUR/USD Weekly Special Report based on 1.00 Lot Calculation:
PRICE ACTION: EUR/USD
- BREAKING (NOVEMBER 22): EUR/USD HIT ITS LOWEST RATE IN TWO YEARS (1.3305). The EUR/USD currency pair has lost near 2% so far this week, as the US dollar continued rising, extending its post- US presidential election rally. Meanwhile, negative economic data in Europe has also put the Euro under negative pressure.
GEOPOLITICS:
- DEMAND FOR THE SAFE- HAVEN US DOLLAR RISES AMID RISING TENSIONS BETWEEN RUSSIA AND THE WEST. The US Dollar has added more value this week as Russia and the West (led by the USA) entered another phase of the ongoing conflict after the USA allowed Ukraine to use their long-range missile system. Meanwhile, Russia used hypersonic ballistic missiles for the first time to hit targets in Ukraine.
- GERMANY, THE LARGEST ECONOMY IN THE EUROZONE, IS IN TROUBLE AFTER CHANCELLOR OLAF SCHOLZ FIRED FINANCE MINISTER LINDER. Meanwhile, Germany’s three-party ruling coalition collapsed as the Free Democratic Party (FDP) left the coalition which member Linder was in. Germany now might be up for early- elections. The German government will undergo a vote of confidence on December 16, and if Scholz’s government does get the necessary vote of confidence, Germany will probably go on early elections in late February 2023. This weighs on the euro, exacerbating the EUR/USD pair's decline.
EVENTS:
- TUESDAY, NOVEMBER 26 AT 15:00 GMT: US CB CONSUMER CONFIDENCE (NOVEMBER). The consumer sentiment in the US could be expected to improve as the new Holiday season in the USA starts officially with Thanksgiving Day (November 28) and Black Friday (November 29). Positive consumer data in the USA could have positive impact on the US dollar, therefore the EUR/USD currency pair could be expected to come under additional pressure.
- WEDNESDAY, NOVEMBER 27 AT 13:30 GMT: US GROSS DOMESTIC PRODUCT (GDP) (Q3). The GDP (Q3) second reading is expected to be reported on Wednesday and if better than expected data is published, then the US dollar could come under upward pressure.
- THURSDAY, NOVEMBER 28 AT 13:00 GMT: GERMAN INFLATION (NOVEMBER). Inflation in Germany has remained on the downside, and if the trend continues than the European Central Bank could keep cutting its benchmark interest rates ahead. This could be negative for the EUR currency.
EURUSD, NOVEMBER 22, 2024
Current Price: 1.0430
|
EUR/USD |
Weekly |
|
Trend direction |
|
|
1.0650 |
|
|
1.0600 |
|
|
1.0570 |
|
|
1.0280 |
|
|
1.0100 |
|
|
1.0000 |
Example of calculation based on weekly trend direction for 1.00 Lot1
|
EUR/USD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
-2,200 |
-1,700 |
-1,400 |
1,500 |
3,300 |
4,300 |
|
Profit or loss in €² |
-2,110 |
-1,631 |
-1,343 |
1,439 |
3,165 |
4,124 |
|
Profit or loss in £² |
-1,757 |
-1,358 |
-1,118 |
1,198 |
2,635 |
3,434 |
|
Profit or loss in C$² |
-3,078 |
-2,379 |
-1,959 |
2,099 |
4,617 |
6,017 |
1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 10:30 (GMT) 22/11/2024
There is a possibility to use Stop-Loss and Take-Profit.
- You may wish to consider closing your position in profit, even if it is lower than suggested one.
- Trailing stop technique could protect the profit.