विदेशी मुद्रा विश्लेषण और समीक्षा: 12.11.2020

12.11.2020 09:25 AM

Trading recommendations of EUR/USD and GBP/USD pair on 11/12/20

The demand for the US dollar is returning to the market, maybe because the US presidential elections is coming to an end, and investors are seeing stabilization despite the lawsuits of Mr. Donald Trump; nevertheless, the winner of this race is still Mr. Biden.

In terms of yesterday's economic calendar, the publication of important statistical indicators for Europe, Britain and the United States was not noticed, which cannot be said about the information flow.

So, there was news yesterday that the trade negotiations between the UK and the EU still remains, and this week's deadline can be extended until next week (November 16-22). In fact, a signal was received about the next problems and disagreements of the parties, which negatively affects investors.

The lack of publication of statistical data may indicate that the leverage for the weakening of the euro and pound during the past day was the news about the insufficient results in the UK and the EU negotiations.

The EUR/USD resumed to decline after a short stagnation within the range of 1.1805/1.1832, which led to euro's weakening to the level of 1.1745.

The trading recommendation of November 11, regarding the breakdown of the specified amplitude limits, brought an income of more than 50 points.

The GBP/USD pair reached the resistance level of 1.3300 after a sharp growth, where a stop occurred, followed by a rebound in the opposite direction.

The trading recommendation of November 11, regarding a reduction in the volume of buyers in the 1.3300 level, led to the opening of positions for sale and as a result to a profit of 80-100 points.

In terms of the economic calendar, there are a lot of statistics today that we should pay attention to.

The UK statistics have already been released. Preliminary data on GDP for the third quarter reflected an economic slowdown from -21.5% to -9.6%, with an expected slowdown to -9.4%. Due to wrong expectations, the pound is negatively affected.

The statistics in the European Union are expected at 10:00 Universal time.

The volume of industrial production in September will be released, which may slow down from -7.2% to -5.8%. The growth in volumes may lead to the euro's strengthening, but in this case, the changes are insignificant.

US statistics, in turn, are expected at 13:30 Universal time.

Inflation is one of the most important economic indicators that can indicate both the state of purchasing power and the possible actions of the Central Bank from the side of monetary policy, since its growth leads to the strengthening of the national currency.

In this regard, US inflation is expected to rise from 1.4% to 1.5%, which could affect the strengthening of the US dollar.

The EUR/USD pair is in a pullback stage from the periodic pivot point of 1.1745. We can assume that if the price consolidates below 1.1745, there will be another round of short positions (sell positions), which will lead to the subsequent weakening of the euro in the direction of 1.1700 - 1.1650 - 1.1600.

The GBP/USD pair is showing a downward interest, which resulted in the breakdown of yesterday's low of 1.3190. Theoretically, it could lead to an even greater weakening of the pound. If the price is kept below the level of 1.3190, it can further decline towards the range of 1.3150 - 1.3120.

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