We have outlooked several promising Forex pairs and the result can surprise you!
EUR/USD gets ready for a breakout
Information is not investment advice
EUR/USD is consolidating in a sideways horizontal range with a slight bearish bias. Consolidations like this are always followed by breakouts. It’s necessary though to put the entry levels at a reasonable distance from the current price so that a slightly broader consolidation doesn’t accidentally trigger the order.
Although EUR/USD rebounded from support in the 1.11 area last week, the 100- and 50-day MAs in the 1.1220/40 area seem like a hard obstacle for bulls. An advance above the last week’s high (1.1250) is needed to open the way for a bigger bullish correction. The downside, on the other hand, is guarded by 1.1160.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.