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EUR/USD Rebounds on Black Friday

EUR/USD was rising today, though it has retreated from its highs by now. Most analysts believe that fundamentals remain strongly supportive to the dollar, and the currency’s retreat today was just a result of traders booking profits during the shortened trading week.

Preliminary wholesale inventories fell 0.4% in October, the reading that was nowhere near the forecast increase of 0.3%. The inventories were up 0.2% in September. (Event A on the chart.)

Flash Markit services PMI registered a reading of 54.7 in November. It was almost the same as October’s 54.8 and not far from the figure of 54.9 predicted by analysts. (Event B on the chart.)

EUR/USD as of 2016-11-25

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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