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The Euro fell to new multi-week low early Tuesday, weighed by firm dollar and recent dovish comments from ECB policymakers, who see four rate cuts in 2024. Monday’s 0.4% drop and close below 1.0762 (Fibo 76.4% of 1.0695/1.0981 upleg), adds to bearish near-term outlook and unmasks key support at 1.0695 (2024 low, posted on Feb […]

The post EUR/USD outlook: Bears Eye 2024 low appeared first on Action Forex.

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21/02/2024

Australian Dollar Shrugs after RBA Minutes, China Rate Cut

The Australian dollar continues to rally and has extended its gains for a fifth successive day. In the European session, AUD/USD is trading at 0.6550, up 0.19%. Minutes: RBA considered raising rates The minutes of the RBA’s February meeting were released earlier today. At the meeting, there RBA maintained the cash rate at 4.35%, as […]
08/03/2024

Sunset Market Commentary

Markets It’s as if some ECB members were inspired by yesterday’s comment by Fed Chair Powell that the US central bank is not far from being confident that the time is right to start dialing back the level of policy restriction. After Fed members recently closed ranks on a first rate cut in June, he […]
25/01/2024

USDCAD: Key Levels to Consider for Further Upside or Deeper Correction

Bullish Scenario: Consider buying at levels 1.3428 or 1.3462 with take profit targets at 1.3990 (TP1), 135.00 (TP2), and 1.3510 in extension (TP3). It is recommended to set a stop loss (S.L.) below 1.3410 or at least 1% of the account capital**. Bearish Scenario: Selling below 1.3460 (waiting for a retracement to the zone) with […]