Forex Trading Insights: Technical Analysis of Dollar, Euro & Pound 11-17-23


Key Points from the Video

  • Dollar Index Technical Analysis
    • Jobs data caused a dip back inside the range/box
      • 104 acting as support, made higher lows
    • Two closes above the minor quarter level
      • Previously led to a push up to the midpoint/minor wildcard
    • Current rejection at midpoint
      • One close above out of six touches indicates rejection
    • No more news this week
      • Could see continued hold of minor quarter into week’s end
  • EUR/USD (EU) Technical Analysis
    • Back above major quarter level of 1.37500
    • Fourth straight candle closing above moving averages and major quarter area
    • Showing strength
  • GBP/USD (GU) Technical Analysis
    • Pullback occurring above moving averages
    • Still holding 124 and 20 period moving average
      • Currently respecting support
  • Overnight trading ideas
    • Retail sales data coming for GBP
    • ECB president speech
    • CPI data for EU
    • Building permits data for USD


So for today with the jobs data, as the jobs data was reported, we did get a dip for the dollar index back inside of our box. We’ve been talking about this box.

We did get a dip back inside of this box, but we were able to continue to keep support at 104. So 104 does look to be support area as consistently pretty much making higher lows here and with this dip back down because of the news. So again, if you were trading that, that would have been a trade that you could have taken back down to the box and with this one, again found support here at the box, pushed back out.

So now we have two closes here that are above this minor quarter level which happened before, which is what got us the push up back up to the midpoint mark, to that wild card mark. We talked about that over in Discord. As far as the rejection that we’re getting right here, we got one close above and then we got next one below,next one below and then we got one close right as far as right underneath and then this next one is below and then all the rest of them have been below.

So one close out of, if we call this a touch. So this is one touch, two touch, three touch, four touch, five, six touches. Only one close above.

So this is what rejection looks like for it to touch this midpoint, this wild part area six times and only close above it, one of those six touches. But in its favor. There is no more news for this week.

So with there being no more news for this week except building permits, with that, we can definitely see this one potentially continue to hold this minor quarter level going into the week’s end. And with that holding going into the week’s end, we can then look to see, okay, what is the next move? Is there a breakdown that occurs underneath this major wild card area? Does it seek to try to fight back up against this? Does it make its way through this resistance point? We’ll be looking to see those things here in the upcoming sessions. And so with that, that is the outlook that we have for the dollar index.

We also have here for the UC, GU and EU ideas. So for the UC idea, we do have that back above the major quarter level of one three 7500. And so with it being above one three 7500, it is also above all of its moving averages.

And now it’s working on its fourth straight candle, closing above all of its moving averages and above the major porter area. That is very big. That’s huge.

That’s major for the UC showing this amount of strength. We also see with the GU idea again this pullback occurring above all of its moving averages. So still holding onto its 20.

We alerted over inside of the discord that it is still holding on to not only 124 but with 124 also holding on to the 20 period moving average. So having support here right now, it is respecting that support level. But we’ll see kind of how this one ends the week out because tomorrow the pound is reporting, they are reporting their month over month retail sales.

So we’ll see how those numbers pan out for them as well as for the EU. We have this idea above all of its moving averages. Well on this pullback, very nice consolidation taking place here, again above this minor quarter level, hanging out right here at this midpoint level, at this minor wild card level.

Price is just remaining stagnant here. And so we’ll see kind of if this does continue to hold, if this does break, then it does have its 20 period moving average underneath itas well as support here in the 100 and 8300 right above this minor quarter area. So that’s what we’re seeing going into the weeks end.

And so we’ll see kind of how things shape up. We do have news being reported tomorrow for the pound that we talked about as far as for their retail sales month over month as well as for the ECB, their president giving a speech. And those are overnight ideas if you are taking those ideas.

And then we also have as far as those CPI numbers for the month of October coming in for the euro and building permit numbers for the month of October coming in tomorrow at 830 as well. So we’ll look to those ideas tomorrow and see kind of how everything pans out and plays out there. Bye.

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