#EURUSD & #GBPUSD Forex Signal (29 NOV 2023)

Posted by Clara Mellor on 22:14 with No comments

EUR/USD Forex Signal: Head and Shoulders Pattern Forms

The pair will likely retreat slightly on Wednesday as some traders start to take profits.

Bearish view

  • Sell the EUR/USD pair and set a take-profit at 1.0900.
  • Add a stop-loss at 1.1085.
  • Timeline: 1-2 days.

Bullish view

  • Set a buy-stop at 1.1025 and a take-profit at 1.1125.
  • Add a stop-loss at 1.0850.

The EUR/USD pair remarkable rally gained steam as the US dollar sell-off continued. It jumped to a multi-month high of 1.1010 during the Asian session as the DXY index moved below $103 for the first time since August.

US GDP data ahead

The EUR/USD will be in the spotlight on Wednesday as the US publishes the second estimate of Q3 GDP data. The initial report published in October showed that the economy jumped by 4.9% in Q3 after expanding by 2.3% in the previous month.

EUR/USD technical analysis

The EUR/USD pair has been in a strong uptrend after bottoming at 1.0450 in Octover. On the daily chart, it has risen above the 23.6% Fibonacci Retracement level. It has also crossed the first support of the Andrews Pitchfork.

The EUR/USD exchange rate has also risen above the 50-day moving average. Similarly, the Average Directional Index (ADX) has risen to 40, signaling that the trend has strength. A closer look also shows that it has formed a head and shoulders pattern.

Therefore, the pair will likely retreat slightly on Wednesday as some traders start to take profits. If this happens, the next point to watch will be at 1.0900. This view will be invalidated if it moves above 1.1085.



GBP/USD Forex Signal: Get Supercharged by the Tumbling USD

The pair has jumped above the 25-period and 50-period moving averages, signaling that bulls are in control.

Bullish view

  • Buy the GBP/USD pair and set a take-profit at 1.2800.
  • Add a stop-loss at 1.2600.
  • Timeline: 1-2 days.

Bearish view

  • Set a sell-stop at 1.2670 and a take-profit at 1.2600.
  • Add a stop-loss at 1.2750.

The GBP/USD pair continued its recovery as the risk-on sentiment accelerated following some positive news from Federal Reserve officials. The pair jumped to a high of 1.2715, the highest point since August 31st. It has risen sharply after falling to 1.2040 in October.

Fed rate cut hopes rise

The GBP/USD pair rallied after the US published strong economic data. Home houses continued rising in September even as mortgage rates accelerated. The house price index (HPI) rose by 0.6% on a MoM basis and by 6.1% on a YoY basis. This increase was higher than what analysts were expecting.

GBP/USD technical analysis

The GBP/USD pair has continued its relentless rally as the US dollar index (DXY) crashed. It peaked at over 1.2700 on Wednesday, its highest point since September 1st. The pair has jumped above the 25-period and 50-period moving averages, signaling that bulls are in control.

Additionally, the Relative Strength Index (RSI) moved to the overbought level of 72 while the MACD remains above the neutral point. Therefore, based on trend-following strategies, the pair will likely continue rising as buyers target the resistance at 1.2800.



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