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13.11.202404:40 Forex Analysis & Reviews: Forecast for EUR/USD on November 13, 2024

On Tuesday, the euro tried to push through the 1.0636 support level, closing the day with a 33-pip decline. The price narrowly missed the 1.0590 target by six pips; however, if we consider the notable April low at 1.0602 as the target, it has been surpassed by six pips, indicating the possibility of a correction due to the current convergence.

Exchange Rates 13.11.2024 analysis

The convergence is on the verge of being neutralized, meaning the oscillator's signal line could drop below its October 17 low of -0.0196. If the price breaks through the 1.0590 support, the next target becomes a significant level at 1.0483, which is the January 2023 low, or, more precisely, the range of 1.0449–1.0483. The price needs to consolidate above the 1.0636 level to avoid a rapid drop. Whether the convergence can achieve this will likely become clear this evening when U.S. inflation data is released.

Exchange Rates 13.11.2024 analysis

The Marlin oscillator's signal line has reshaped the convergence into a horizontal wedge on the four-hour chart. The overall technical structure points to a likely downward breakout. Today's U.S. inflation data will significantly impact the market. The October CPI is forecasted to increase from 2.4% y/y to 2.6% y/y.

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

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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