EUR/USD to Face Critical Support at 1.1685

EUR/USD to Face Critical Support at 1.1685

2020-10-16 • Updated

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Ichimoku Kinko Hyo

CHF/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.

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Fibonacci Levels

XAU/USD: Gold after a remarkable correction stands below 50% retracement area. The new stimulus should help gold to move higher.

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EU Market View

Looking ahead, highlights from macroeconomic calendar include Eurozone CPI US Retail Sales and University of Michigan, European Council Summit and Fed’s Williams speech. UK Chief Brexit Negotiator Frost said he was “surprised” that the “EU is no longer committed to working ‘intensively’ to reach a future partnership”. Mills in China are reportedly being told to stop buying Australian cotton. Government sources said the cotton industry could face tariffs as high as 40%.

EU Key Point

  • UK's Raab supports that UK cannot have to make all the compromises on Brexit
  • Japan PM Suga supports that economy remains in a severe state

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