EURUSD rose to 1.1900, what are the prospects?
Source: Economic Events November 27, 2020 – Admiral Forex Markets Calendar
Thanksgiving day and Black Friday (for updated trading hours, visit our website) are likely to lead to a quiet and quiet close of trading week. And most likely the situation will develop evenly for the market of currency pairs in general, and EURUSD in particular.
Although recently this couple began to see a pretty good perspective. On Wednesday, the EURUSD returned to 1.1900 and rose higher, with highs of 1.2000 in the final weeks of 2020 and even higher in the final weeks of 2020.
Why we are making such an optimistic forecast, the thesis:
Wednesday was very positive purely technically. December is usually a good season for this currency pair. There are every reason to believe that Janet Yellen will become Finance Minister. The potential election of Joe Biden as president is also a potential factor in the us dollar’s decline in the medium to long term. The fact is that Yellen, the former Fed chair, is known for her soft approach, and the market can also count on a serious stimulus package. This, in turn, means that a huge amount of freshly printed currency will enter the market, and this can devalue the dollar to some extent.
Technically We believe that the short-term picture will remain optimistic as long as EURUSD transactions above 1.1870/1900 and a significant decrease below 1.1800 we consider adverse developments. This decrease neutralises the current EURUSD picture.
Overall, EURUSD is still in an upward trend until we trade above 1.1600, although even a fall below will not lead to a crash as the currency pair still has strong support around 1.1400/1500:
Source: Admiral Markets MetaTrader 5. EURUSD, Daily, chart. 21 August 2019 – 26 November 2020, as at 22:00 (GMT) 26 November 2020. In 2015, the euro/USD fell by 10.2%, in 2016 by 3.2%, in 2017 by 13.92%, in 2018 it fell by 4.4%, and in 2019 by 2.2%, or 7.3% in five years.
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