EURUSD: bears met with resistance

On Friday the 22nd of November, trading on the euro finished up down by 40 points. The single currency fell in trading in New York, after the release of American statistics. Markit indexes, concerning business activity in industry and services in the US for November were higher than the previous and projected levels. The November index for business activity in Michigan also showed growth.

Day’s news (GMT +3):

  • 12:00 Germany: IFO - Business Climate (Nov), IFO - Current Assessment (Nov), IFO - Expectations (Nov).
  • 14:00 UK: CBI Distributive Trades Survey - Realized (MoM) (Nov).
  • 15:30 USA: Chicago Fed National Activity Index (Oct).
  • 16:30 Canada: Wholesale Sales (MoM) (Sep).

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Current situation:

Friday’s expectations were fully justified. I was surprised by the aggressiveness of bears before the weekend, because Markit’s data on business activity in the USA have less impact on the market than the data from ISM.

According to the wave structure, the decline did not come to an end. The fall stopped at the 67th degree, with the trend line from the minimum at 1.0879. Since today is Monday, and the EURUSD pair was falling for most of the time on Friday, we can consider movement against Friday’s activity up to the balance line Lb - 1.1050. After the 67th degree, the next target level for bears will be 1.0992.

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