Main Scenario: As long as it remains below 1.3290 level, our main expectation is NEGATIVE!
In addition, the downside of 1,3146 support may further strengthen our negative expectations.
Target Expectation: 1,3185 – 1,3146 – 1,3094
Considerations Supporting The Scenario: Despite the bullish uptrend, the downtrend continues, with the negative outlook below the trend intersection 1.3290. In addition, the RVI indicator supports our expectations by continuing with the SELL signal.
Alternative Scenario: In the event of a 4-hour close above 1.3290 level, the alternative expectation is POSITIVE!
Alternative Target Expectation: 1,3355 – 1,3394 – 1,3435
IMPORTANT NEWS of THE WEEK
Tuesday, November 19
- US Construction Permits and Housing Starts,
- Canadian Manufacturing Sales,
- FOMC member Williams Speech,
- Wilkins, Board Member of the Bank of Canada (BoC) Speech
Wednesday, November 20
- American Petroleum Institute Weekly Oil Stock Data
- People’s Bank of China (PBOC) interest rate
- Canadian Core Consumer Price Index and Consumer Price Index
- Central Government Debt Stock Of Turkey
- US Crude Oil and Gas Stocks
- Federal Open Market Committee (FOMC) Meeting Minutes
Thursday, November 21
- Turkey Consumer Confidence Index,
- Publication of the minutes of the European Central Bank (ECB) Monetary Policy Meeting
- U.S. unemployment benefits applications, Philadelphia Fed Manufacturing Index and current home sales
Friday, November 22
- Japan Leading Manufacturing Purchasing Managers Index (PMI)
- Germany Gross Domestic Product (GDP)
- Speech by Lagarde, President of the European Central Bank (ECB)
- French Manufacturing and Service Purchasing Managers Index (PMI)
- German Manufacturing and Service Purchasing Managers Index (PMI)
- Euro Area Manufacturing and Service Purchasing Managers Index (PMI)
- Canadian Core Retail Sales and Retail Sales
- US Manufacturing and Service Purchasing Managers Index (PMI)
THE MOST IMPORTANT DAYS AND ASSETS OF THE WEEK:
This week is more important for the Forex market than other days on Friday. The most remarkable economic calendar data of the week are, of course, PMI (Service Purchasing Managers Index) data from the Eurozone, member countries and the USA.
- Considering the current news feeds on Tuesday, USDCAD may draw attention compared to other assets.
- Considering the current news feed on Wednesday, USDTRY may draw attention compared to other assets.
- Considering the current news flows on Thursday, the USDJPY may draw attention compared to other assets.
- Taking into account the current news flows on Friday, EURUSD may draw attention compared to other assets.