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[Fresh Forex]

Elliott wave analysis of the market for 26.11.2024 EURUSD

EUR/USD. The beginning of impulsive growth.

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The opening of the trading week resulted in the formation of a bullish gap, which was quickly closed. Now the price is at the very beginning of this gap, and apparently another attempt to grow will be made. The current situation is very favorable for this, as the development of a downward impulse, part of wave C of a large bearish zigzag, has presumably ended. This means that now we may be witnessing the beginning of the next, already bullish phase of the market.

The growth may take the form of a classic impulse or an initial diagonal triangle. The current option suggests a movement in the usual form, the potential of which looks quite attractive to try to participate in it.

Investment idea: buy 1.0460, stop loss 1.0430, take profit 1.0720.

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[Fresh Forex]

Fundamental analysis of the market for 27.11.2024 GBPUSD

Event to pay attention to today:

15:30 EET. USD - Unemployment Claims

GBPUSD:


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The Pound-Dollar pair is trading on a stronger note near 1.2570 on Wednesday in the early European session. The Pound Sterling (GBP) is strengthening despite US President-elect Donald Trump announcing new tariff measures. Traders are awaiting the release of October's Core PCE (US Personal Consumption Expenditure) price index to give it a fresh boost.

Early Tuesday, Donald Trump promised to impose tariffs on all goods imported into the US from Canada, Mexico and China, which led to the dollar's rally against the pound sterling in the previous session. The dollar's rally will pause on Wednesday as traders await US core PCE inflation data for more information on the outlook for interest rates. Meanwhile, the U.S. Dollar Index (DXY), which measures the value of the dollar against a basket of currencies, is currently trading near the lower end of its weekly range around 106.85.

Most Bank of England (BoE) policymakers support a gradual approach to policy easing. Bank of England Deputy Governor Claire Lombardelli said on Tuesday that she needed to see more evidence of cooling price pressures before she would support another interest rate cut. The betting that the UK central bank will cut interest rates next month is providing some support for the British pound at the moment.

Trading recommendation: Watch the level of 1.2550, if consolidated below consider Sell positions, if rebounded consider Buy positions.

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You can find more analytical information on our website​