USD: vulnerable for further weakness

Ichimoku Kinko Hyo

EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

Fibonacci Levels

XAU/USD: Gold has broken down all the retracements areas, which warns of further weakness.

EU Market View

Most major Asian equity markets traded positively as the region took impetus from the record-setting session in the US where the S&P 500 notched a record close. US Treasury Secretary Mnuchin said he will place the USD 455bln of unspent CARES Act money in a general fund, which would need congressional approval to be utilized. Looking ahead, highlights from the macroeconomic calendar include US Durable Goods, GDP (2nd), Core PCE Prelim, University of Michigan Survey, ECB Financial Stability Review, UK Chancellor Sunak November Update, FOMC Minutes.

EU Key Point

Tokyo governor Koike says to ask bars and restaurants to close by 10 pm starting from Saturday
ECB's Mersch supports that It will probably be difficult to maintain positive growth going into Q4
Germany reports the deadliest day of the virus pandemic, another 18 633 new cases
Trump is expected to address a meeting Wednesday US time on his election fraud
Federal Open Market Committee November meeting minutes due Wednesday

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Gerasimos Papagiannis

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With EUR/JPY, there are several technical observations that we may put to practical use and demonstrate some important basics of technical analysis. Let's get going.