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Main » 2019 » November » 29 » Forex forecast and recommendations today 29.11.2019: EUR/USD - short, GBP/USD - lateral trade, USD/JPY - USDJPY correlation and # SP500
Forex forecast and recommendations today 29.11.2019: EUR/USD - short, GBP/USD - lateral trade, USD/JPY - USDJPY correlation and # SP500


Events today:

13:00 MSK. Eurozone: Consumer Price Index.

The euro to dollar forex trading forecast for EURUSD today 29/11/2019

The main event of the day today, a report on inflation in the euro area in November. On the eve of the results published in the region's largest economy, and it should be noted that the reports could not please the positive data of market participants. In some countries, inflation reached the level of the median forecasts, and in Germany and the rate did was below the consensus forecast. Against this background, today, we should not expect pleasant surprises. Because the United States and China are preparing to sign a trade agreement, this factor contributes to the reduction of quotations of gold, which, in turn, is negative for the euro as a currency is correlated with the precious metal.

EURUSD recommendation: Sell 1.1013 / 1.1025, and take profit 1.0985




Pound to dollar forex GBPUSD forecast for today 11/29/2019

Today on GBPUSD pair formed a mixed background. On the one hand, the possible depreciation of sterling against the backdrop of negative reports on the debt market, where the yield on 10-year-old British securities falls to the German and US bonds, which is negative for the currency of the Kingdom. On the other hand, the upward trend in the oil market can have a positive impact on the cost of the British because the British currency is correlated with the black gold. Next week the OPEC summit, + and investors are waiting for prolongation of the agreement on limiting the production of hydrocarbons. OPEC expects supply shortage of oil in the second half of 2020.

GBPUSD recommendation: flat 1.2865 -1.2935


Dollar against the yen on the forex forecast for USDJPY today 11/29/2019

market participants should expect the continuation of the upward trend in the US stock market, which will support the USDJPY pair, as the couple most strongly correlated with the equity markets. China's State Council said it will seek to avoid trade conflicts with their partners. It is planned to increase the import of high-quality agricultural products, as well as tougher penalties for violation of intellectual property rights. There will probably be new records for the index # SP500, which allows to count on appreciation of the USDJPY to 110.00 psychological level.

USDJPY recommendation: Buy 109.45 / 109.22 and take profit 110.00



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