
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
EUR/USD has broken down the lower trendline, which has been strong support since the middle of May. However, the further falling was constrained by the low level of September 9 at 1.1755. The move above the 200-period moving average at 1.1835 will drive the price to the key psychological mark of 1.1900. Support levels are 1.1755 and 1.1700.
USD/JPY is aggressively streaming down. If it manages to cross the low of July 30 at 104.70, it will open doors towards the next support of 104.30. In the opposite scenario, the move above the high of the recent low of 105.10 will push the price higher to the next resistance of 105.50.
The S&P 500 has sharply plummeted amid the risk-off mood. If it drops below the low of September 11 at 3 330, the doors towards the next support of 3 315 will be open. On the flip side, if the market mood changes, the jump above the resistance of 3 370 will drive the price towards the high of September 16 at 3 420.
Finally, let’s discuss gold. It has failed to stabilize above the $1 970 level and slumped to $1 940. The move below this support will clear the way towards the strong support of $1 925, which it hasn’t been able to break a few times. Otherwise, if it surges above the recent high of $1 970, it will jump to the next resistance of $1 990.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Jump in to know the key market events and trading ideas for this week!
USD’s rally takes a pause, while riskier assets are modestly rising.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
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