Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
EUR: impregnable 1.1900 resistance
2020-11-19 • Updated
EUR/USD has again failed to cross the resistance of 1.1900 this week and directed to the downside. The pair’s drop isn’t linked only with the euro’s weakness, but also with the dollar’s strength. The market was indecisive for some time, but virus fears outweigh vaccine hopes eventually, and the risk-off entered the market.
Today is a really important day for the euro as ECB’s President Lagarde has had a meeting already and the EU conference is ahead. Lagarde’s speech drove the EUR down as she gave pessimistic comments on the economic recovery of Eurozone and emphasized the devastating effect of the fresh Covid-19 resurgence. Indeed, the number of new infections rose significantly, and EU countries imposed social distancing restrictions and lockdowns. Elsewhere, Lagarde claimed that additional monetary and fiscal support will be needed. A potential further easing pushed the euro down.
EUR/USD has broken through the 50-period moving average at the 1.1830 level. The way to the key psychological mark of 1.1800 is clear now. If it manages to cross it, it may fall to the 200-period moving average of 1.17825. However, the 50-period moving average has been supporting the pair so far this week, so it may turn to the upside again. The strong resistance area is 1.1890-1.19000. The move above it will drive the pair further up to the next round number of 1.1950. Follow the EU Conference at 17:00 MT time as it will impact the euro!
Bearish Scenario: Sales below 80.00 with TP1: 79.34, TP2: 78.94, TP3: 78.55, and 78.00 Bullish Scenario: Buys above 78.00 (wait for a retracement to the zone) with TP: 79.34 TP2: 80.00, and TP3: 81.00
Amid uncertainty driven by geopolitical events, oil prices surged to record highs. However, a correction in oil prices is observed with a gradual improvement in the situation in the Middle East and an increase in demand. The question facing investors is whether there are prerequisites for further price growth or if everything depends on the dynamics of the political landscape. In this article, we will explore the impact of recent events on the global oil market and the prospects for developing this crucial commodity sector.
Intraday and swing scenarios based on price action and volume profile.
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.