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Andreas Zanin
Analysis | November 1, 2021

KTM FX Weekly: November 2020 was the best month since 2006

Euro continues to lose the height against the dollar for the third time in a row. And this is not an unexpected move. The price closed lower for seven months for the year. 

Analytics:

  • The price traced out a triple top pattern on the monthly chart during July-September. 
  • As per the monthly historical data, November 2020 was the strongest since 2006. So, what will be in the case of November 2021? 

In the month gone by, the price was very volatile but ended lower 0.25%, extending the fall to the third straight month amid ongoing Euro weakness. Among euro crosses, EURJPY standout with a 2.30% uptick; the rest settled lower. 

Our subject currency continued to be trading within ranges in the past week, but month-end selling pushed the euro to the lower end. Technically, the pair managed to hold the 200MA weekly for the fourth time straight. 

 

Data-wise, Eurozone inflation tick higher more than expected in October. And the economy beat economists’ estimates in the 3Q. A significant highlight for the week was the ECB policy setting. As expected, the ECB October meeting ended with no new headlines. However, the euro propelled higher against the dollar on Thursday. After the ECB meeting, Danske bank said that Lagarde’s apparent failure to talk down market pricing sent the pair higher on Thursday. 

 

 

It is important to always keep in mind the risks involved in trading with leveraged instruments.

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