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EUR/GBP fell despite the fact that the British pound got weakened by the news that Boris Johnson on Tuesday won the contest to be the next British prime minister increasing the odds of a no-deal Brexit.
It happened as the currency pair was long due for a correction. For now, it retraced 23.4% of the May-July advance and got to the 50-day MA at 0.8910. The next support, the 38.2% Fibo retracement level, is at 0.8835.
Last week’s candlestick on W1 is a “shooting star”. It means that it will be hard for EUR/GBP to overcome resistance at 0.9050. There’s bearish divergence on D1 - a sign that the downside correction may continue. On H4, we see a “head and shoulders” pattern. The neckline at 0.8950 is providing a closer resistance.
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.
USD/CAD is eyeing 1.2900. What’s next?
Asian equities traded mixed and attempted to shrug off the weak handover from the US where there was a slight negative bias.
Let's trade exotics. The Russian ruble and the Mexican peso may gain some value against the US dollar in the short-term.
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