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 broke lower
Information is not investment advice
EUR/USD has dived below support at 1.1100 and 1.1050 resuming the longer-term downtrend. The longer-term target seems to be at 1.0820 (78.6% Fibo of the 2016-2018 advance) after the pair settled below the 61.8% Fibo retracement at 1.1185. As for the near-term, the “Head and Shoulders” pattern implies that the targets are not yet reached - 1.1000 and 1.0950. The pair’s still not oversold.
The market is awaiting an increase in ISM Manufacturing PMI. The USD is strengthening as the Federal Reserve wasn’t as dovish as expected.
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.
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US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19