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Trading plan for EUR/USD and GBP/USD on December 6

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Retail sales in Europe continue to fall. It came down to -2.7% in October, which is far worse than the expected -2.2%. And even though previous data was revised from -0.6% to 0.0%, it did not change the situation.

Retail Sales (Europe):

The macroeconomic calendar is completely empty today, so market players do not have anything to look forward to. Thus, all eyes will be on other events, such as the long-discussed price cap in oil, which is still being worked out. The issue will become clear most likely at the end of this week.

In terms of the forex market, the euro has bounced away from 1.0600, leading to a surge in the volume of short positions. It is now fluctuating near 1.0500, which could be a signal of a regrouping of trading forces. A prolonged stagnation below 1.0500 could lead to a full-blown correction.

There is a pullback in GBP/USD, in the direction of 1.2150. If the quote remains below 1.2150 in the four-hour TF, short positions will surge. Otherwise, the pair will see a rebound.

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EURUSD dropped below 1.0500 during the Asian session on Tuesday as the bears remain poised to come back in control. The single currency pair is seen to be trading close

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GBP/USD was also trading lower on Monday, but this is on the one-hour chart. For example, on the 4-hour chart, all of Monday’s decline appears like a slight pullback. That

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Trading EUR/USD was quite inconvenient on Monday. Last week we repeatedly mentioned that the euro’s movements made no sense and that its inconsistency with the fundamental and macroeconomic background contradicts

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GBP/USD did not trade any better than EUR/USD on Monday. It managed to change direction three times during the day. Of course, there were quite a lot of macroeconomic statistics

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EUR/USD showed turbulent and erratic movements on Monday. However, at least there were some reasons for that. Many different reports were scheduled in the European Union

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Today, NZD/USD has broken through the key resistance levels 0.6310 (50 EMA on the weekly chart) and 0.6235 (200 EMA on the daily chart) and continues to move towards resistance

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In my previous analytical review, I drew your attention to the level of 1.0537 and recommended entering the market from it. Let’s have a look at the 5-minute chart

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In the morning article, I turned your attention to the levels of 1.2316 – 1.2261 and recommended making decisions with these levels in focus. Now, let’s look at the 5-minute

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