US stocks are set to weaken at the open today, consolidating after gains in the previous session, with investors wary amid few signs of progress over the next virus relief bill.
EUR/USD: Developing Ending Diagonal
There's a developing ending diagonal, which could be wave 5. It's likely that wave [iii] is about to end, so we're likely going to have a bearish correction towards 2/8 MM Level.
An impulse in wave (c) of [iii] hasn't been finished yet. Moreover, if the price fixates above 5/8 MM Level, there'll be an opportunity to have wave v of (c). In this case, we should keep an eye on 7/8 MM Level as the next bullish target.
European stock markets traded mixed early Thursday, with strong industrial data supporting the German market while the Bank of England kept monetary policy unchanged, offering up a more pessimistic outlook.
Asian equity markets traded mixed amid a lack of fresh catalysts and with the region failing to take advantage of the mild tailwinds from Wall Street.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.
Asian equity markets failed to sustain the positive tone from Wall Street where all major indices notched gains as technology sector outperformed for another day.