Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/USD: 4/8 MM Level acted as resistance twice
2019-11-11 • Updated
The price has been declining in wave [i] since a pullback from 3/8 MM Level was formed. The main bearish target is 0/8 MM Level, which could be a departure point for an upward correction.
4/8 MM Level has acted as resistance twice. In this case, wave ii of (iii) may have been ended, so bears are likely going to deliver wave iii of (iii) in the coming hours. Therefore, we should keep in mind 1/8 MM Level as an intraday target.
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
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