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EURUSD → Correction before the news. What could happen?

2023-11-22 08:34 FOREX forecast

💡Ideas For EURUSD 🇪🇺/🇺🇸

📈 EURUSD → Correction before the news. What could happen?

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#EURUSD is forming a false breakout. This may be the reason for the formation of correction in the short term. The market is also expecting news today, which is worth paying attention to.

snapshot

We are interested in CDGO (MoM) today and the one that may affect the price in the short to medium term is Initial Jobless Claims. For the latter, analysts are expecting an improvement in the indications from 231K to 225K. If the actual data released at 13:30 GMT is higher than expected, the correction may end and the pair will start to strengthen. If the data will be lower than expected, the correction is likely to be a little bit delayed

From the technical analysis point of view, an actual false breakdown could be the reason for the price decline to 1.0875 or to 0.382 or 0.5 fibo. But since we have a fairly strong fundamental basis for the medium term, the currency pair has the following areas as targets: 1.1033, 1.115, 1.127

Support levels: 1.0875, 0.382, 0.05 fibo

Resistance levels: 1.0918

The correction may continue until the publication of news that may determine the short-medium term outlook. I expect growth after the test of local support areas

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#EURUSD 🇪🇺/🇺🇸

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