Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
EUR/USD is under pressure
2019-11-13 • Updated
Trade idea
SELL 1.0985; TP 1.0940; SL 1.1000
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend. The 50-day MA at 1.1040 which used to be a support, acted as resistance making the euro move even lower. On the H4, moving averages are in a negative position. There’s support in the 1.10/1.0993 area (psychological level, 61.8% Fibo of the October advance). If the price gets below it, the next target will be at 1.0940 (78.6% Fibo).
Notice that the market awaits the improvement in the US CPI figures later today as well as the testimony of the Fed’s Chair Powell, so there will be volatility.
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