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EURUSD opened with gap-higher and rose to three-week high in early European trading on Monday, lifted by results of the first round French parliamentary election. Rally was capped by the base of thickening daily cloud, following last week’s cloud twist, with subsequent easing, pointing to strength of 1.0778/1.0800 resistance zone (daily cloud, spanned between 1.0777 […]

The post EUR/USD Outlook: Post-French Election Rally So Far Capped by Thickening Daily Cloud appeared first on Action Forex.

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13/05/2024

Sunset Market Commentary

Markets All eyes are on Wednesday’s US CPI inflation print and to a lesser extent its PPI precursor tomorrow. That led to stoic, listless trading at the start of the new week. China announced during early Asian dealings that it will kick off its CNY 1tn stimulus plan on Friday with a CNY 40bn 30-yr […]
21/08/2024

Elliott Wave Analysis on EURUSD Impulsive Rally Favors the Bull Side

Short Term Elliott Wave View in EURUSD suggests that pair is close to form a bullish sequence. A break above the previous high on 12.28.2023 at 1.1139 suggests the next leg higher has started. Near term, rally from 6.26.2024 low is unfolding as a 5 waves impulsive structure. Up from 6.26.2024 low, wave 1 ended […]
08/03/2024

USD/JPY Nosedives After Rejection, Gold Extends Rally

Key Highlights USD/JPY started a major decline from the 150.80 resistance zone. It traded below a key bullish trend line with support at 150.00 on the 4-hour chart. Gold prices surged above the $2,120 resistance zone. The nonfarm payrolls could change by 200K, down from 353K. USD/JPY Technical Analysis The US Dollar struggled to clear […]