US markets are closed for Thanksgiving on Thursday, that's why the volatility falls. However, there are still some interesting movements!
How to trade EUR/GBP?
2020-05-21 • Updated
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum. The euro will be capable to rise to the 0.9070/0.9090 area if it manages to overcome the resistance at 0.9000 (38.2% Fibonacci of the 2020 decline). The short-term support is at 0.8960 – only a slide below this point will switch the focus back to 0.8910 and 0.8870.
Trade ideas for EUR/GBP
BUY 0.9010: TP 0.9070; SL 0.8990
SELL 0.8950; TP 0.8910; SL: 0.8965
The US dollar stayed under pressure as riskier currencies benefited from the increased optimism.
Looking ahead, highlights from macroeconomic calendar include UK retail sales, Eurozone consumer confidence, ECB's Lagarde, Fed's Kaplan, Barkin, George speeches.
The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
World shares paused on Monday to assess a record-breaking month
Looking ahead, highlights from macroeconomic calendar include regional and national German CPIs, US Chicago PMI, OPEC meeting, ECB's Lagarde and BoE's Tenreyro speeches.