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U.S. and European PMI, German GDP, ECB Speech in Focus. EUR/USD, USD/JPY, GBP/USD

Nov 22 2019, 02:19 AM (+06) |


The United States released both bullish and bearish signals today with the release of the Initial Jobless Claims and Philadelphia Fed Manufacturing Index. Initial Jobless Claims remained at the same level as the previous report of 227K as the previous report was revised up from 225K. The release is slightly below the forecast of 219K. 

The Philadelphia Federal Reserve Manufacturing Index rated general business conditions at a better than expected 10.4, ahead of the 7.0 forecast and the 5.6 from the previous report.

The European Union is all about the ECB speeches from different members. Today, the ECB also published an account of the previous monetary policy meeting. Tomorrow, markets will watch the speech of new ECB President, Christine Lagarde. This will be Lagarde’s first speech on monetary policy.

Tomorrow we will also see the GDP report from Germany and the Euro Zone Manufacturing and Services PMI.

EUR/USD on a Daily TF is trading slightly bullish but remains mostly flat. The price spiked up, but didn’t quite reach our first resistance target of 1.11000. Instead the price peak was slightly lower at 1.10970. The 9EMA looks like it is going to intersect the 50EMA up, but is currently stalled along with the MACD. The Parabolic Sar pointing up and the Ichimoku Cloud bias is bullish.

Resistance: R1 1.11000 – 1.11086 23.6% Fibo. R2 trend line is down around 1.11500.

Support: S1 38.2% Fibo 1.10647, S2 50% Fibo 1.10293, S3 1.10000 – 1. 09891 61.8% Fibo.


USD/JPY on a Daily TF is trading flat. Japan is going to release the National Core CPI YoY for October at 11:30pm GMT and the Services PMI an hour later.

Resistance: R1 61.8% Fibo 109.362, R2 109.620, R3 110.095

Support: S1 107.886, S2 38.2% Fibo 107.484, S3 106.697.

The British Pound’s main focus at the time is the UK Election. On Tuesday, Labor Party Leader Jeremy Corbyn surprised everyone with a powerful debate. Tomorrow, both Johnson and Corbyn will separately answer questions from the audience. Tomorrow, the UK will release the Manufacturing and Services PMI.

GBP/USD on a Daily TF has been trading in a tight flat all of this week, and is currently trading around 1.29486. Indicators are bullish. The 9, 50, and 200 EMA are pointing up, and the price is above 9EMA using it as support. The Ichimoku Cloud bias bullish, and the Parabolic Sar pointing up as well.   

Resistance: R1 1.29854, R2 1.30764, R3 1.31765.

Support: S1 1.27685, S2 1.26677, S3 1.25203.

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