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Trading Signals for EUR/USD for November 28-29, 2024: buy above 1.0550 (21 SMA - 2/8 Murray)
09:40 2024-11-28 UTC--6
Exchange Rates analysis

Early in the American session, the euro is trading around 1.0551, above the 21 SMA, and above the 2/8 Murray which represents an important support.

Yesterday during the American session, the euro continued its rise reaching the 1.0587 area. However, now we are observing a technical correction. EUR/USD is likely to reach the psychological level of 1.05 if the bearish pressure prevails.

On the contrary, with this technical correction, EUR/USD could resume the bullish cycle, giving traders an opportunity to buy at the current levels.

In case the euro makes a technical correction in the next few hours, we should expect EUR/USD to consolidate around 1.05, a key level that could offer a good technical bounce and will be seen as an opportunity to buy.

The eagle indicator is approaching overbought levels. Therefore, in case the euro reaches 3/8 Murray at 1.0620 in the next few days, it will be seen as a signal to sell.

The key point to watch is 2/8 Murray. Below this area, the euro could fall to cover the gap it left at the beginning of the week around 1.0418. The instrument could even reach 1/8 Murray around 1.0376.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.