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Nov 06 - 06:55 AM

EUR/USD - COMMENT-EUR/USD Chart Points To The Usual November Gain

By Martin Miller  —  Nov 06 - 04:40 AM

The euro usually climbs against the U.S. dollar in November and the price action at the beginning of the month points to a continuation of this trend.

A study of EUR/USD's seasonal performance for each November since 2000 shows it has posted a positive return in 14 of the last 23 years, or 61% of the time.
However, seasonality should not be considered in isolation, it needs to be corroborated by other factors.

EUR/USD on Friday registered its biggest daily rise since July, closing up 109 pips to end the session well above the 1.0643 Fibo, a 23.6% retrace of the recent 1.1276 to 1.0448 (July to October) EBS fall.
It is sustained and built on Friday's break, having failed to do so on three occasions recently.

EUR/USD is now on course to break above the 1.0764 Fibo, a 38.2% retrace of the same 1.1276 to 1.0448 drop, which in turn will increase the likelihood of spot finishing November in positive territory.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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