On Friday (November 18) in Asian afternoon, the euro/dollar continued its slight oscillations yesterday and traded around 1.3480. The exchange rate is below the 20-day moving average and the short-term moving average system is bearish.

Some market traders said that the euro/dollar has rebounded from its intraday low of 1.3446, as uncertainty from the United States about whether it will agree to cut its fiscal deficit next week has prompted some investors to make up their positions. The trader also said that the euro may be limited on the upside as the euro zone debt problem persists.

Some analysts pointed out that in the face of the huge doubts about the US Communist Party’s differences in taxation and the agreement reached before the deadline for next week, members of the US Congressional Committee on Deficit Reduction are working hard to reach an agreement. The members of the 12 “super committees” must reach an agreement to reduce the deficit of at least 1.2 trillion US dollars in the next 10 years before midnight next Wednesday, that is, the Thanksgiving holiday, which will cause the EUR/USD to continue to pressure down.

On the technical front, the downward trend of the EUR/USD MACD has intensified, the Stochastic has consolidated at a low level, and the short-term indicator system has been bearish. EUR/USD short-term support at 1.3421 (November 17 low), if it falls below 1.3376 (October 10 low). The short-term pressure level is 1.3538 (November 17 high), as seen in the breakout above 1.3639 (November 15 high).

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