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Last week, EUR/GBP recovered from 0.8800 (the 61.8% Fibo retracement of the March-August advance) and 0.8835 (100- and 50-week MAs; 200-day MA). This area seems like strong support. In addition, on H4 the euro has already managed to recover above the 50- and 100-period MAs. The advance above 0.8900 will open the way for further correction up to 0.8940 (upper border of the descending channel) and 0.8965 (100-day MA). The decline below 0.8875 will make the pair retest 0.8850 and 0.8835. At these levels, it will be possible once again to consider buying. The longer-term outlook will turn negative only below 0.88.
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/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.
Oil fell below $52.00 because investors expect a weaker oil demand amid rising Covid-19 infections and new lockdowns.
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels
How do we trade the gold price? It seems to be losing the upside momentum - no problem for bears!
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