On Wednesday, Euro rose, and dollar fell slightly. Bank of Canada’s unexpected statement stimulated the market. The survey on Wednesday showed that despite rising inflation, German consumer confidence continued to be high in November, and the confidence index improved for the second consecutive month. The European Central Bank will meet on Thursday and is expected to adopt a dovish stance. The German government lowered its growth forecast for this year, as semiconductor supply bottlenecks and rising energy costs slowed the recovery.
From a technical perspective, Euro’s daily candle closed bullish, BOLL narrowed, the moving average converges which shows a lack of direction, and the indicator is neutral. H4 graph shows that EURUSD maintains the 1.1625-1.1585 interval, and the indicator is passive. Overall, prioritise operation within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1625
Resistance：1.1625-1.1650-1.1670
Support：1.1585-1.1550-1.1520
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice