2020-08-19 • Updated
The most traded pair takes a breath after reaching levels unseen since May of 2018. It has been rallying for 7 days in a row and eventually broke through the significant resistance at 1.1900. It was a strong sign for most traders. However, profit-takers entered the market and pushed the pair slightly down. Nevertheless, bulls are still in game as the pair has crossed the main barrier. Thus, the way to the upside is clear.
The EUR/USD’s rally may be caused by the long-term weakness of the US dollar. The current risk-on sentiment decreased even more the demand for the safe-haven. Moreover, today the euro got a tailwind as the EU current account came out much better than analysts anticipated. This indicator shows a difference between imports and exports, plus all income flows during the previous month. It turned out 20.7 billion euros, while the forecast was only 7 billion. Besides, the EU core consumer price index was along with expectations: 1.2%.
All eyes on the FOMC meeting minutes today’s evening at 21:00 MT time. Most economists believe its dovish statement will drive the US dollar lower, and therefore EUR/USD higher. Otherwise, if the tone is hawkish, the US dollar will rise.
EUR/USD has been stuck in a range between 1.1900 and 1.1700 for almost a month. Today the pair has managed to break out this range. However, now it’s struggling to cross the next resistance at 1.1950. If it succeeds to break it out, the doors to 1.2000 will be open. In the opposite scenario, if it drops below the key psychological mark of 1.1900, it may dip down to the low of August 17 at 1.1835.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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