November 22, 2024 at 05:20AM
There is arguably just one to take note of on the day, as highlighted in bold.
That being for EUR/USD at the 1.0500 level. However, just be wary that this comes after the daily break below the figure level yesterday but not for the first time in a long while though. We also got a daily break below that in October last year, before price bounced back up to hold the line on the weekly chart.
In that sense, the weekly close will once again be a key focus in determining any further downside convictions in the pair going into next week. As such, the expiries here may offer a bit of a pull during the day. But I reckon unless there is something in the PMI data today, sellers will remain poised unless the dollar falls out of favour all of a sudden.
The October 2023 low comes in at 1.0448 but as per the weekly chart here, a firm break under 1.0500 is likely to set off stronger downside momentum in the pair after breaking the range in the past two years.
For more information on how to use this data, you may refer to this post here.
This article was written by Justin Low at www.forexlive.com.
