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 can correct more
Information is not investment advice
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move. This consolidation may turn out to be a bearish flag if the price moves below the support in the 1.1810/00 area. In this case, the pattern on the chart will become a “Head and Shoulders” opening the way to a deeper decline to the 1.1770/60 area (50-day Mam 50% retracement of November advance).
Trade idea for EUR/USD
SELL 1.1795; TP 1.1765; SL 1.1815
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.
EUR/AUD formed a candlestick with a long upper shadow on the D1. The pair is currently testing levels below the 50- and the 100-period moving averages.
You will find an interesting find-the-difference game in the article. When do you think gold will reach 1900 again?
Asian shares climbed to near all-time highs on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by the optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy.
USD/MXN got up recently. Is it a strategic trend change? Not yet - rather, another upswing to form a new wave downwards. Perfect positioning to go bearish.