🗞️The week began with a light macro backdrop, highlighted only by softer-than-expected U.S. PPI, confirming gradual disinflation but generating little market reaction. With traders already shifting into Thanksgiving-mode, liquidity is thinning fast, leaving yields, Fed tone, and dollar flows as the primary drivers. EURUSD and gold remain range-bound, USDJPY still follows yield spreads, and NQ is showing typical low-conviction holiday chop.
📝What to Expect (Next 48 Hours)
With Thanksgiving Thursday and an early close Friday, expect:
Thin liquidity → wicks, stop hunts, unreliable moves
Technicals > fundamentals
Dollar-driven micro-moves, but no trend shift
London providing cleaner reads as U.S. flows fade
🎙️In short: any “strong” move over the next two days is more likely noise than narrative until full liquidity returns next week.
With that in mind, this Mid-Week Technical Corner becomes our essential check-in. We revisit the levels we highlighted on Sunday, assess how price has reacted so far, and refine our bias using structure, liquidity, and imbalances — the only reliable tools in a thin-market environment.
Let’s take a closer look at EURUSD, USDJPY, Gold, and NQ.
📈Let’s dive in and get straight into the charts!
🇪🇺 EURUSD — Daily FVG Holds, Bullish Momentum Emerging
EURUSD Daily Chart
EURUSD delivered a clean reaction off the Daily FVG, confirming a clear shift in momentum after several sessions of compression. This was the key level we highlighted on Sunday, and price respected it precisely — enough for us to close all remaining short exposure.
Price has now pushed back above the imbalance it bounced from, signaling that buyers are willing to defend this zone and potentially draw toward the next short-term inefficiencies above.
For now, the focus is simple:
As long as price holds above the Daily FVG, the short-term bias leans bullish.
Any rejection from the Order Block will help reveal whether this is a deeper recovery or just a corrective rally inside the broader range.
We now wait for cleaner structure — especially with holiday-thin liquidity — before projecting the next leg.
On the H4 we can see that:
EURUSD H4 Chart
Price tapped the H4 FVG and reacted strongly, giving us clear confirmation of the short-term bullish momentum seen on the Daily chart. As long as price holds above this imbalance, intraday structure supports further upside toward the next set of inefficiencies above.
🇯🇵 USDJPY — Bias Held by the Daily FVG
USDJPY Daily Chart
USDJPY continues to behave exactly as mapped out, maintaining its bullish structure while respecting every key level we’ve identified. Here’s where things stand:
Price is holding above the Daily FVG, keeping bullish momentum intact
Our upside targets remain 158.900 → 161.900
Only a strong close below the Daily FVG would invalidate the setup
We still hold 20% of our position, with a clear invalidation level in place
Structure remains clean and consistent with the multi-week narrative
🟨XAUUSD (GOLD) — H4 Break Above Bearish FVG
XAUUSD H4 Chart
Gold has closed above the bearish H4 FVG, signalling a short-term shift in momentum. For now, we’ll observe how price reacts around this zone, especially with holiday-thin liquidity.
Key points:
Price closed above the bearish H4 imbalance
This suggests a short-term bullish push
Next reaction will determine whether Gold extends higher
No clear directional trend yet — still a reactive market
We remain patient and let price show the next intent
A break above the H4 FVG is constructive for bulls, but in this liquidity environment, we wait for confirmation before projecting the next leg.
📉NQ — Previous Week’s High Swept Inside Daily FVG
NQ Futures H4 Chart
NQ has swept the Previous Week’s High, which sits right inside a Daily bearish FVG — making this a key reaction point to monitor.
Key points:
Liquidity above the Previous Week’s High has been taken
Price is now inside a Daily bearish imbalance
This is a classic area for either a rejection or a deeper push before reversing
With thin liquidity ahead of Thanksgiving, reactions may be wicky and unreliable
We wait for confirmation before leaning bullish or bearish
A clean sweep into a Daily FVG puts NQ at an inflection point. The next reaction here will reveal whether this move extends higher or sets up a short-term pullback.
🧩Final Word
With Thanksgiving thinning out liquidity and limiting follow-through, the rest of the week is all about patience and precision. Every asset we’ve reviewed — EURUSD, USDJPY, Gold, and NQ — is reacting at key levels, but none are signaling a major trend shift just yet. In an environment like this, the best edge comes from waiting rather than forcing trades.
We let the levels do the talking, protect capital, and allow price to reveal intent once full liquidity returns next week.
Stay patient, stay disciplined, and let price lead the way.
Stay safe and Happy Thanksgiving to all celebrating 🥧🍗
— UE Market Letter Team 👁️🗨️
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