EUR/USD
As expected, the dollar strengthened its position last Friday due to the difference in the performance of the eurozone and US PMI indices. The November Services PMI in the eurozone fell from 52.2 to 51.5, while it increased from 50.6 to 51.6 in the United States. European Manufacturing PMI has grown from 45.9 to 46.6, the US has grown from 51.3 to 52.2. In addition, the consumer confidence index in the US from the University of Michigan in the final assessment for November has increased from 95.7 to 96.8. The euro lost 36 points on Friday.
On the daily chart, the movement stopped exactly on the MACD line, which fulfilled the first goal of the bears. Accordingly, now we are waiting for the development of the lower target levels: 1.0985 (Fibonacci reaction of 128.2%), 1.0925 (lows of September 3 and 12), 1.0895 (area of the lowest candle bodies on September 30 and October 1).
On the four-hour chart, the price also reached the MACD line, here support was pierced. But since on both scales the price reached the indicator line at the same time, which strengthened the level (1.1014), we are waiting for a short consolidation above it. After consolidating the price at this level, we look forward to a further decrease in the euro to the designated goals.
