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Market review 10 November 20

10 November 20

Economic Data Puts the EUR and GBP in Focus, while Capitol Hill Remains in the Spotlight

While economic data will put the EUR and the Pound in focus, U.S politics, COVID-19, and Brexit news will also influence.

For the EUR

It’s a relatively busy day ahead on the economic calendar. November’s ZEW Economic Sentiment figures for Germany and the Eurozone are due out.

We can expect EUR sensitivity to the numbers as the markets get a sense of what impact the 2nd wave pandemic is having on sentiment.

Away from the economic calendar, expect continued support from Biden’s victory. Any updates on COVID-19 and Brexit will also influence.

At the time of writing, the EUR was up by 0.19% to $1.1835.

For the Pound

It’s a busy day ahead on the economic calendar. October claimant count figures and September’s unemployment rate will be the key drivers.

Wage growth and employment change figures are also due out but should have less of an impact on the day.

Earlier in the morning, BRC Retail Sales Monitor figures for October were in focus.

According to the BRC, retail sales rose by 5.2% in October year-on-year, following a 6.1% jump in September.

At the time of writing, the Pound was up by 0.17% to $1.3189.

For The USD

It’s a quiet day ahead for the U.S Dollar. JOLTs job openings for September are due out later today.

Concerns over the labor market recovery linger, making labor market figures all the more influential.

Away from the economic calendar, chatter from Capitol Hill and COVID-19 news updates will continue to provide direction.

At the time of writing, the Dollar Spot Index was down by 0.10% to 92.629.

EUR/GBP slips towards the 200-day moving average at 0.8924 – Commerzbank

The EUR/GBP pair extended its retreat below 0.9000 on Monday and Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, is looking for a slide to the 200-day moving average at 0.8924.

“EUR/GBP‘s recovery last week was not enough to overcome the 55-day moving average at 0.9061 and the 0.9071 short-term downtrend channel resistance line. While capped there a negative bias will persist for losses to extend to the 200-day moving average at 0.8924, which we suspect will hold the initial test.

“Failure at the 0.8924 200-day moving average would probably target 0.8865/64, the June and September lows.”

USD/JPY corrects further below 105.00 as Treasury yields tumble

USD/JPY extends its corrective declines from three-week highs of 105.64, now trading below 105.00 amid a fresh sell-off in the US Treasury yields. The spot rallied hard on the covid vaccine news as the greenback picked up a bid on Monday.

The pair trades around 105.50 at the time of writing, maintaining its bullish potential in the near-term. The 4-hour chart shows that it has crossed above all of its moving averages, although with the 20 SMA slowly turning north well below the larger ones. Technical indicators reached overbought levels, the Momentum still advancing, and the RSI stable above 70. A daily descendant trend line coming from March high comes around 105.00 this Tuesday, providing critical resistance, with further gains expected on a break above it.

Support levels: 105.30 104.90 104.50

Resistance levels: 105.65 106.00 106.40

GBP/USD Daily Forecast – Another Test Of Resistance At 1.3180

GBP/USD faced strong resistance near 1.3180 but tries to settle above this level. In order to continue its upside move, GBP/USD will have to get above the recent highs near 1.3210.

If GBP/USD settles above 1.3210, it will likely gain additional upside momentum and head towards the next resistance level at 1.3270. RSI is in the moderate territory so there is plenty of room to gain momentum in case the right catalysts emerge.

A successful test of the resistance at 1.3270 will open the way to the next resistance level at 1.3325. There are no material levels between 1.3270 and 1.3325 so this move may be fast.

On the support side, the first support level for GBP/USD is located at 1.3140. Yesterday, GBP/USD made an attempt to settle below this level but this attempt yielded no results.

If GBP/USD settles below 1.3140, it will move ttowards the next support level which has emerged near 1.3100. A move below 1.3100 will push GBP/USD towards the next support at 1.3070. The 20 EMA is in the nearby, so GBP/USD will likely receive material support near 1.3070.

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