Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
EUR/USD: lower 'Window' acting as support
The lower 'Window' is acting as support, so there's an opportunity to have the second 'Engulfing' pattern in a row. In this case, the market is likely going to test the nearest resistance at 1.1359 by the last 'Three Methods' pattern. The subsequent pullback from this level could lead to another decline.
There're bullish patterns such as the last two 'Engulfing'. Thus, it's likely to have an upward correction in the direction of the 34 Moving Average. If this line acts as resistance, bears will probably try to deliver a new local low. Therefore, we should watch the next support at 1.1298 as a possible intraday target.
UK's Raab supports that virus restrictions are serious, proportionate
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.