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EURUSD weakened on Friday after recovery attempts from new multi-month low (1.0682), hit after Wednesday’s post-election 1.7% fall (the biggest daily loss since 19 Mar 2020), failed to clear daily Tenkan-sen (1.0809). Formation of bull-trap pattern on daily chart adds to weak near term outlook as Wednesday’s massive bearish daily candle weighs heavily, technical studies […]

The post EUR/USD Outlook: Bears Hold Grip But Prolonged Consolidation May Precede Fresh Push Lower appeared first on Action Forex.

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15/08/2024

Retail Sales Is Counterprogramming the Job Report

Summary In the month of July retailers saw a sales increase of $6.8 billion, or 25% of the total gain from the prior two years in a single month. While most of that was an autos bounce after an ugly June, gains were broadly based and thus at odds with reports of a more cautious […]
13/12/2023

EUR/USD – Fireworks Expected from the Final Fed Meeting of the Year

Fed expected to leave interest rates unchanged Forecasts and dot plot key as markets price in four rate cuts next year EURUSD hovers around 50 Fib The final Fed meeting of the year could also be the most eventful, with the central bank likely to acknowledge it’s done with tightening and even signal rate cuts […]
12/08/2024

Gold on Track to Revisit All-Time High

Gold advances after bouncing off 50-day SMA The bulls eye recent record high as next target Oscillators are cautiously tilted to the upside Gold has been trading back and forth within a range in the past month, unable to adopt a clear directional impetus. In the near term though, the precious metal has been on the rise […]