EUR/USD

Special Reports - 17/11/2021

17 November, 2021

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD Weekly downtrend opportunity based on 1.00 Lot Calculation:

EVENT: Wednesday, November 23, 08:30 AM GMT – The German Manufacturing PMI for November (preliminary). The index of economic activity (sentiment) is expected to further drop from 57.8 to 56.5 points pointing to the decelerating pace of the economic recovery in Germany;
The ECB officials reject the idea of an interest rate hike next year, while market participants believe/speculate the US Federal Reserve will be forced to do it twice in 2022 due to accelerating inflation in the US;
Germany suspended the approval of the Nord Stream 2 project pushing natural gas prices up in Europe, which weighs on the shared currency.

EUR/USD, November 17, 2021
Current Price: 1.1330

EUR/USD	Weekly
Trend Direction	DOWN
Resistance 3	1.1440
Resistance 2	1.1420
Resistance 1	1.1400
Support 1	1.1260
Support 2	1.1240
Support 3	1.1220

Example of calculation based on weekly trend direction for 1.00 Lot*

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss Short in $	-1,100	-900	-700	700	900	1,100
Profit or loss Short in €**	-971	-794	-618	618	794	971
Profit or loss Short in £**	-817	-669	-520	520	669	817
Profit or loss Short in C$**	-1,380	-1,129	-878	879	1,129	1,380

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 12:20 pm (GMT) 17/11/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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