The economic situation in the EU is rapidly deteriorating, significantly exceeding analysts forecasts. A report published on Thursday on a change in the level of business activity in Italy, France, Germany and Britain showed an unexpectedly strong deterioration in the situation. As a result, the risk of weakening EUR and GBP continues to increase.
So, with the opening of the European trading session, we are witnessing a weakening of the EUR/USD currency pair. Until the return of quotes above 1.0775, there is a risk of a further decline to 1.0650. The closest technical support level remains at 1.0720.
A similar situation with the GBP/USD currency pair - the lack of demand above 1.2370 led to the appearance of another round of selling. For a more powerful decline, an additional bearish fundamental factor for GBP or a very strong bullish factor for USD is needed. Let me remind you that today there is a lack of news to hit the market, therefore, trading activity may remain within a range.
Now let's move on to the oil market. After a record collapse at the beginning of this week, the bulls managed to regain some of their previously lost positions. At the same time, demand at the level of $18 per barrel remains very weak, since in the United States there is practically no room for storage of oil. All this led to a collapse. As a result, only a significant decrease in the production of "black gold" in the US can stabilize the market in the coming days or weeks.
The recovery in oil prices puts pressure on the USD/CAD pair, but sellers' activity remains weak including against the backdrop of a strengthening USD. Prior to the breakthrough of the technical support area 1.3990–1.4000, there is a risk of renewed growth to 1.4255. As a result, at the moment, selling pressure remain in the zone of increased risk.
We conclude today's review with an analysis of a deal to buy gold. After the breakdown and fixing the price above the technical resistance level of $1715, the trader placed a pending buy order at the level of $1715.0 with a volume of 1 lot. A Take Profit order was placed at the next resistance level - $1735. As you can see now, the price of gold has reached $1,760, which generated a profit of $2,000.
The above review is not a direct guide to trading, and can only be classed as a recommendation.
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Trade with the Fibo Group!
#MarketWatch
So, with the opening of the European trading session, we are witnessing a weakening of the EUR/USD currency pair. Until the return of quotes above 1.0775, there is a risk of a further decline to 1.0650. The closest technical support level remains at 1.0720.
A similar situation with the GBP/USD currency pair - the lack of demand above 1.2370 led to the appearance of another round of selling. For a more powerful decline, an additional bearish fundamental factor for GBP or a very strong bullish factor for USD is needed. Let me remind you that today there is a lack of news to hit the market, therefore, trading activity may remain within a range.
Now let's move on to the oil market. After a record collapse at the beginning of this week, the bulls managed to regain some of their previously lost positions. At the same time, demand at the level of $18 per barrel remains very weak, since in the United States there is practically no room for storage of oil. All this led to a collapse. As a result, only a significant decrease in the production of "black gold" in the US can stabilize the market in the coming days or weeks.
The recovery in oil prices puts pressure on the USD/CAD pair, but sellers' activity remains weak including against the backdrop of a strengthening USD. Prior to the breakthrough of the technical support area 1.3990–1.4000, there is a risk of renewed growth to 1.4255. As a result, at the moment, selling pressure remain in the zone of increased risk.
We conclude today's review with an analysis of a deal to buy gold. After the breakdown and fixing the price above the technical resistance level of $1715, the trader placed a pending buy order at the level of $1715.0 with a volume of 1 lot. A Take Profit order was placed at the next resistance level - $1735. As you can see now, the price of gold has reached $1,760, which generated a profit of $2,000.
The above review is not a direct guide to trading, and can only be classed as a recommendation.
=========
Trade with the Fibo Group!
#MarketWatch
