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EUR/USD

Market Opportunities - 23/11/2021

23 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 opportunity for 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 24 at 1:30 pm GMT) – US GDP for the third quarter of 2021 will be released. It is expected to rise, from 2% to 2.2% (forecast);
  • EVENT: (Wednesday, November 24 at 19:00 pm GMT) – US FOMC Meeting Minutes (19:00 GMT). The document will allow us to assess the general mood of the regulator in the context of the latest inflation data. It should be noted that the tone of statements by many Fed members has tightened for the last two weeks, so it is likely that the Fed's "minutes" will also be hawkish.
  • Biden nominated Powell for a second four-year term on Monday over Lael Brainard, who was promoted to Fed vice-chair. Both Powell and Brainard’s roles will need to be confirmed by the Senate.
  • The worsening health situation in Germany, Austria and the Netherlands is also weighing on the shared European currency.

EUR/USD, November 23, 2021
Current Price: 1.1270

EUR/USD

Weekly

Trend Direction

DOWN

Resistance 3

1.1440

Resistance 2

1.1380

Resistance 1

1.1335

Support 1

1.1205

Support 2

1.1160

Support 3

1.1100

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 $

-1,700

-1,100

-650

650

1,100

1,700

Profit or loss Short in €**

-1,508

-976

-577

577

976

1,508

Profit or loss Short in £**

-1,271

-822

-486

486

822

1,271

Profit or loss Short in C$**

-2,163

-1,400

-827

827

1,400

2,163

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 9:40 pm (GMT) 23/11/2021
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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