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.
How to trade EUR/USD?
Information is not investment advice
EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair. As long as it stays above this line, it will have an opportunity to rise to 1.1300 (short-term resistance line; 50-period MA). The further way to the upside, however, will be difficult. The pair will likely meet resistance in this area and reverse to 1.1200. The break below the latter is needed to open the way down to 1.1100.
Trade idea for EUR/USD
BUY 1.1265; TP 1.1300; SL 1.1245
SELL 1.1300; TP 1.1230; SL 1.1325
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 set to open lower later, on a combination of the pandemic news and the downbeat news from Tech’s Old Guard late on Thursday.
Oil fell below $52.00 because investors expect a weaker oil demand amid rising Covid-19 infections and new lockdowns.
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels