Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
Will EUR/JPY resume the downtrend?
2019-11-11 • Updated
SELL 123.95; TP 123.30; SL 124.10
BUY 125.10; TP 125.90; S: 124.90
EUR/JPY spent more than a month correcting up after its spike down at the start of January. It seems that the time the downtrend finally resumes is getting nearer.
On W1, 50-week MA went below the 100-week one. If the price closes the current week below 124.00, we’ll get a falling three methods pattern — a sign of bearish continuation.
On D1, moving averages are in the negative setup. The pair approached 124.20, the support line connecting January 15 and January 2 lows. A break lower will lead EUR/JPY to lower ranges. If the pair attempts to recover, it will meet resistance at 125.00. The rise above this level is needed to let the euro retest the downtrend resistance and the 50-day MA at 126.00.
Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
What will happen? Federal Reserve Chair Jerome Powell will give a speech during the Jackson Hole Symposium on August 26 at 18:00 GMT+3…
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy