Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
EUR/GBP is finally correcting
Information is not investment advice
EUR/GBP may be about to make a bigger downside correction. Weak economic figures released in the euro area on Wednesday showed that the single currency doesn’t deserve to rally that much even versus the weak pound.
The currency pair closed yesterday below the August support line and slipped below the weekly pivot point at 0.9250. On D1, the Awesome Oscillator started going down. On H1, the pair slipped below the 200-hour MA. The decline below 0.9230 will open the way down to 0.9200 and 0.9160. The next support is at 0.9110/00. The uptrend will resume if EUR/GBP returns above 0.9300.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.
A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.
EUR/AUD rose to 1…