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FX.co ★ Forecast for EUR/USD on November 29, 2021

Forecast for EUR/USD on November 29, 2021

The euro corrected upward by 120 points on Thursday and Friday last week, turning around without reaching the target level of 1.1170. Growth may continue to 1.1375 - the highs on November 18 or slightly higher towards the MACD line. The Marlin Oscillator has grown sharply, now it can be in free roaming for some time, which will affect the price in a wide-range sideways movement. So far, this range is defined by the levels 1.1170-1.1375.

Forecast for EUR/USD on November 29, 2021

On the four-hour scale chart, the price managed to get above both indicator lines - above the balance line and the MACD line. The Marlin Oscillator has grown up high, but it is not yet in the overbought zone, so the price has the prospect of reaching the level of 1.1375. The recovery of the bearish trend will occur when the price moves below the MACD line, below 1.1235. But taking into account the situation on the daily scale, there is a significant likelihood of a false price drift under the MACD line, and then, after the target level of 1.1170 has been worked out, the price may again turn into corrective growth.

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Forecast for EUR/USD on November 29, 2021

Federal Reserve Chairman Jerome Powell will speak tonight at a social event in New York, tomorrow in the Senate before the Banking Committee, and the day after tomorrow in the House of Representatives. Also tomorrow we will have John Williams, Richard Clarida and Treasury Secretary Janet Yellen. It may very well be that the risks associated with the emergence of a new strain of the Omicron coronavirus will be affected, and then the maturing expectations of 2 or even 3 rate hikes next year will disappear, and the euro will begin to recover its lost positions.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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