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 reversed from resistance zone
2019-11-11 • Updated
- EUR/USD reversed from resistance zone
- Next sell target - 1.2200
EUR/USD recently reversed down from the resistance zone lying between the key resistance level 1.2500 (which has been reversing the price from the end of January, as can be seen below) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous minor impulse wave 3. EUR/USD is expected to fall further toward the sell target at the next support level 1.2200 (low of the previous minor correction 2).
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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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Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.