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22.11.202404:55 Forex Analysis & Reviews: Forecast for EUR/USD on November 22, 2024

Relevance up to 21:00 2024-11-22 UTC--5

Yesterday, the euro declined by 68 pips, reaching the target range of 1.0449–1.0483. This movement is sufficient to set the stage for a market correction after the decline since August 25, as convergence with the oscillator is now in place. The nearest corrective level at 23.6% aligns with the target level 1.0636.

Exchange Rates 22.11.2024 analysis

At the same time, the target range of 1.0385–1.0418, formed by two price channel lines on the weekly chart, remains untested. If the price reaches the red line of the descending price channel, a reversal could occur from 1.0418, preserving the already-formed convergence.

Significant developments will likely take place next week.

Exchange Rates 22.11.2024 analysis

On the four-hour chart, the overall trend remains bearish. Key signals come from target levels: Consolidation above 1.0483 could start a corrective consolidation, paving the way for further growth. A decline below 1.0449 would allow the price to test the stronger support at 1.0418. This action would also widen the expected consolidation range to approximately 1.0418–1.0490.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Laurie Bailey,
Analytical expert of InstaSpot
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