US stock markets started falling, while the US dollar is rising. What to expect from
How Low Can the EUR Plunge?
Nothing can stop us from finding hgh quality trades and impactful news. This market wrap proves it, here’s what you need to know:
News for the day ahead
- BoC’s Macklem: “It’s too early to think about interest rate cuts because we’re not there yet.” USDCAD is down 350 points.
- Fed’s member Harked didn’t comment on the monetary policy, a rare occasion among Fed members.
- Canadian Ivey PMI is above expectations (53.5 vs. 49.2). Above 50.0 indicates industry expansion, a good sign for the economy.
- US Unemployment Claims are down to 216K from last week’s 229K. The forecast number is 232K. EURUSD fell 250 points but rose later.
- USDCNH is only 150 points from the seven-year high (300 points closer than yesterday). PBoC fixes the USDCNY reference rate at 7.2150 (the previous fix was 7.1986).
- APPL (Apple) stock fell 8.5% over the last few days after the Chinese government allegedly restricted public employees' use of the company's products.
Daily trade idea:
In the H1 timeframe, the EURUSD pair is in a downtrend. Therefore, we expect a small upside and a stop hunting before opening a sell trade.
It’s wise to seek short entries after a fake breakout of the 1.0732 resistance. Then, the pair will likely fall to 1.0670.
However, the short scenario is invalid if the H1 candle closes above the resistance.
Have a beautiful day!
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