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/JPY: the trend is bearish
Information is not investment advice
Slowly but surely, EUR/JPY is creeping down. This week, the currency pair broke the support line connecting June lows and thus resumed the downtrend which has been in place since the start of 2018. The pair is moving towards the 61.8% Fibo retracement of the 2016-2018 advance just above 120.00. Daily MAs are in the negative order, and on W1 200- and 50-week MAs have just formed a “dead cross”. As a result, those who are patient enough can trade this downtrend.
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…