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: a temporary bottom
Information is not investment advice
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835). The correction to the upside may take the euro to 1.0910/1.0937 (100- and 50-period MAs).
On the H1, the pair’s trying to get above the 100-hour MA at 1.0857. The successful advance above this line is needed to trigger the mentioned bullish move. Support lies at 1.0854 and 1.0805. The slide below the latter, will open the way back down to 1.0770.
Trade idea for EUR/USD
BUY 1.0865; TP 1.0910; SL 1.0850
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…