Market updates on October 29

Market updates on October 29

On the H4 of EUR/GBP, we see that the price is testing the psychological level of 0.8612. The pair is consolidating, thus, the further direction will depend on the strength of the euro. If the pair falls below 0.8612, it will slide towards 0.8590. In the case of the reversal, the resistance is placed in the range of 0.8649-0.8663.

EURGBPH4 October 29.png

On the H4 of EUR/USD, we see a similar picture, indicating a bearish movement. The price may test the support range 1.1073-1.1061, 1.1038.  If the pair sticks above 1.1085, we may see a rise to 1.1105.

EURUSDH4 October 29.png

Gold is on the sideways movement, indicating a potential for a rise. On the H1 chart of XAU/USD, it has already broken yesterdays’ resistance and is gradually climbing up towards the resistance levels at 1495.47, 1506.00 and 1514.47. For the market reversion, support levels may be set at 1488.83, 1484.14 and 1480.35.

XAUUSDH4 October 29.png

Similar

ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

Latest news

USD strengthened as optimism waned
USD strengthened as optimism waned

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.

Stocks up, USD down
Stocks up, USD down

S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.

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