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EUR/USD

Market Opportunities - 20/11/2019

20 November, 2019

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 downtrend opportunity based On 1.00 Lot Calculation:

The Federal Reserve decided in late October to cut its benchmark interest rate by 25 basis points to bring it down to the range of 1.50% to 1.75%, but it gave strong signals that will make no more cuts in the near- future. Also in the US, October jobs number managed to beat expectations (128K vs.89K exp.), which indicated that the US economy is doing well, suggesting that no addition interest rate cuts are needed. This in turn could provide the US dollar with decent support.

In Europe, the latest manufacturing data suggested that the EU economy continued to struggle in the fourth quarter of 2019, with Manufacturing PMI figures staying below the mark of 50.0 (Contraction territory) in some of the leading EU countries (Spain, Germany, Italy). This could, in turn, keep investors reluctant to hold the unique currency in their portfolios.

EUR/USD, November 20, 2019
Pivot point: 1.10655

EUR/USD

Weekly

Trend Direction

DOWN

Resistance 3

1.12447

Resistance 2

1.11887

Resistance 1

1.11350

Support 1

1.09958

Support 2

1.09300

Support 3

1.08782

Example of calculation base 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 $

-1,792.00

-1,232.00

-695.00

697.00

1,355.00

1,873.00

Profit or loss Short in €

-1,619.87

-1,113.66

-628.24

630.05

1,224.85

1,693.09

Profit or loss Short in £

-1,388.57

-954.64

-538.53

540.08

1,049.95

1,451.33

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 8:23 AM (GMT) 20/11/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** Please consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect profit – Ask your Senior Account Manager for more details

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