Trade ideas thread – European session 22 November 2021

Daily thread to exchange ideas and to share your thoughts

The dollar continues to keep in a good spot from a technical perspective, with EUR/USD inching back below 1.1300 and nearing fresh lows for the year once again as sellers keep up the pressure since the technical breakdown two weeks back.

Dollar gains elsewhere have been more measured with USD/JPY still not really finding the right kind of impetus to break resistance around 114.74 to 115.00 while GBP/USD saw some fight back from the pound amid UK data beats last week.

But against commodity currencies, the greenback is starting to push the agenda and so the technicals will once again be a key focus in the days ahead.

I’m also continuing to watch oil with a keen focus as it nears the 100-day moving average and 50.0 retracement level of the swing higher from August to October.

Those levels sit around $74.20 and $73.60 respectively and that may offer some support and good dip buying levels for oil amid the retreat over the past two weeks.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.