Daily F.X. Analysis, November 29 – Top Trade Setups In Forex - EU Inflation In Focus! 

A day before, the U.S. President Donald Trump signed the Hong Kong Human Rights & Democracy Act into law and gave the US Government support to the protestors of Hong Kong. This law provides the United States the ability to place sanctions and diplomatic actions on Chinese officials who will violate human rights in Hong Kong.

Today, most of the focus is likely to stay on the European fundamentals as the German Prelim Consumer Price Index (CPI) for November dropped to -0.8% from October’s 0.1%. At 13:00 GMT, the Spanish Flash Consumer Price Index (CPI) showed growth to 0.4% from the expected 0.2%. Let's take a look at trade setups that are worth trading today. 

Economic Calendar - EU Inflation In Focus! 

BTC/USD - Daily Analysis

The BTC/USD price is now beneath the 200-DMA ($9,403), and the graph shows price drawing closer to the price at $5,660. Traders will also see that through times of consolidation, Bitcoin value mounts along with the 200-week moving average, which is at $4,878 on the daily chart.

Since sinking below the descending channel on Nov. 25, Bitcoin (BTC) has recovered $7,000, netted some strong resistance at $7,400, and now proceeded to it's way up to over $7,500 during the time of writing this review.

Trader's viewpoint remains silenced as investors are uncertain whether Bitcoin's price has gained a bottom yet or not. So far, the technical setup is clearly signaling bullish bias on the lower timeframe. 

BTC/USD - Daily Technical Levels

Support      Resistance 

7,043.76      7,864.26

6,537.51       8,178.51

5,717.01       8,999.01

Pivot Point 7,358.01

BTC/USD – Daily Forecast

Recalling the previous forecast, the BTC/USD soared to test the 7700 resistance level. Still, the leading crypto pair is likely to find resistance here, which is being extended by the 50 periods EMA. Besides that, the BTC/USD has formed a double top pattern around 7700 and has closed bearish candles below it. Especially the bearish harami candle on the 4-hour chart is suggesting chances of a bearish reversal in the BTC/USD today. Bitcoin may find immediate support today at 7340, along with resistance at 7700.

EUR/USD – CPI Flash Estimate y/y 

The pair EUR/USD closed at 1.10075 after placing a high of 1.10178 and a low of 1.09986. Overall the trend for EUR/USD remained Bullish that day.

The EUR/USD pair exchange rate remained flat during the beginning session on Thursday because of mixed Eurozone data. 

The Annual German inflation slightly edged up in November but remained below the target of European Central Bank for the seventh consecutive month.

The German Prelim Consumer Price Index (CPI) for the month of November dropped to -0.8% from October’s 0.1%. At 13:00 GMT, the Spanish Flash Consumer Price Index (CPI) showed growth to 0.4% from the expected 0.2%. At 14:00 GMT, the M3 Money Supply from eurozone came in as 5.6% against the expectations of 5.5%. Private Loans remained flat with expectations at 3.5%.

On Thursday, the single currency – Euro remained under pressure due to mixed data. The latest data from the eurozone may suggest that the economy is still under agony, but the next phase of the economy is not yet certain because the Eurozone economy does not seem to be weakening any further. However, in the short term, the sharp upturn of the economy is not possible either.

Meanwhile, the US Dollar remained quiet on Thursday as markets closed because of Thanksgiving Holiday. On the news front, the US president signed the legislation in favor of Hong Kong protesters and in against China, which created uncertainty related to US-China trade relations.

EUR/USD - Daily Technical Levels

Support Resistance 

1.099        1.1012

1.098        1.1024

1.0958      1.1046

Pivot Point 1.1002

EUR/USD – Daily Forecast

The EUR/USD consolidates in a narrow trading range of 1.1016 - 1.0992 due to limited trading volume during amid U.S. thanksgiving holiday. We can stick to the previous analysis. Thus the pair may find next support around 1.0990 level along with resistance at 1.1040. The violation of 1.0990 can lead the EUR/USD pair towards 1.0945.

GBP/USD - Brexit Optimization Supports Sterling 

The GBP/USD pair closed at 1.29096 after placing a high of 1.29507 and a low of 1.28989. Overall the trend for GBP/USD remained slight Bearish that day. The Sterling has gone back and forth in Thursday’s trading session, showing a lack of momentum to break out finally. 

The Nationwide House Price Index (HPI) from the United Kingdom was published at 12:00 GMT in favor of the single currency – pound. The November HPI of Britain came in as 0.5% against the expectations of 0.1% and supported Sterling on Thursday.

The latest poll from YouGov MRP released on Wednesday and predicted that UK Pm Boris Johnson would win 359 seats against 211 of Labour Party. However, the fact that every other poll has predicted a narrow lead for the Conservative Party, the positive impact of Pound faded from the market. 

The US Dollar remained flat due to Bank Holiday for Thanksgiving and caused a slight movement in GBP/USD pair on Thursday.

Later this week, there will not be any macroeconomic release from the United States, and the UK economic docket will publish Consumer Credit and Net Lending to Individuals at the ending day of the week.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2857       1.2954

1.2794       1.2987

1.2698       1.3083

Pivot Point 1.2891

GBP/USD – Daily Forecast

The GBP/USD has completed the 38.2% Fibonacci retracement around 1.2900, and now it's forming bullish trade setups. On the 4 hour chart, the Cable is also getting support by 50 periods EMA around 1.2900. The GBP/USD pair may bounce off above this level to target 1.2922 and 1.2945 today.

All the best for today.