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Nov 27 - 08:55 AM

EUR/USD - COMMENT-EUR/USD's Chart Is Looking Increasingly Bullish

By Martin Miller  —  Nov 27 - 07:45 AM

The euro looks free to rise against a fragile dollar as trading volumes dip, caused by the absence of the big New York players over Thanksgiving and the underlying bullish EUR/USD chart.

EUR/USD's scope is for gains towards the 2020 1.2014 peak posted in September.
EUR/USD was recently propped up by the thick 1.1766-1.1813 daily cloud and has subsequently broke above the November 1.1920 peak on Wednesday, Thursday and Friday.
The positive alignment of the tenkan and kijun lines adds to underlying upside bias.

Meanwhile, medium-term downward pressure has increased on the dollar amid expectations that a calmer White House under President-elect Joe Biden will boost world commerce and monetary policy will remain easy -- solid reasons to expect investors to exit the dollar into the New Year nL1N2IB0KW.
A weakening dollar will help boost EUR/USD.

The European Central Bank's chief economist, Philip Lane, warned on Thursday against tolerating low inflation as more stimulus looms nL8N2IC3IH.
Related nL1N2IC0NN

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Source:
Refinitiv IFR Research/Market Commentary

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