The Pound remains under selling pressure after headline UK CPI missed, down to 2.4% YoY in September. Market focus now shifts to Brexit summit in Brussels.
EUR/USD extends decline to weekly lows in the 1.1520 region, as falling equities lift the USD across the board. Market players waiting for FOMC Meeting's Minutes to decide whether or not resume dollar longs.
The big question is whether the meltdown in stocks changes the course for currencies because the US dollar had a great run this year and is vulnerable to a correction.
While the Brexit optimism was supporting GBP during the second week of October, the crack in bilateral negotiations between the UK Brexit Secretary and the EU chief Brexit negotiator made a clear indication that no deal will be made during the October summit.
The Crypto market continues in a catatonic state after the last Monday's strong rises. It rose sharply, important technical levels were reached and since then, the market seems to have been abandoned to its fate, transmitting very little clarity of ideas and intentions.
The market slow midway through the week. Last week was the sellers tightened their grip resulting in the market being painted red. NEO, however, did not sink as deep as other coins like Bitcoin (BTC) which dropped drastically and dramatically through the support areas at $6,400 and $6,200.
XRP/USD test waters above $0.4800 as Ripple’s Chief Strategist explains why Trump's administration should love XRP
XRP/USD retraced from early Asian high registered at $0.4898 to trade at $0.4808 as of press time. However, the third largest digital asset remains the growth leader among top-10 cryptocurrencies wins over 3.5% gains on a day-on-day basis.
EOS, the 5th largest coin with the market cap $4.9B and average daily trading volume $414M is changing hands at $5.58, unchanged both on a daily basis and since the beginning of Wednesday. The coin has been consolidating in a narrow range after a short-lived spike to $6.1 on Monday, moving in sync with other digital assets.
US President Trump unorthodox methods keep working like a charm for him
The common currency retains the dubious honor of being among the weakest currencies across the FX board, as despite dollar's weakness ruled throughout the week, the EUR/USD pair ends it barely up in the 1.1550 region. The pair peaked at 1.1610 and bottomed at 1.1431, a fresh 7-week low, as Italian political woes dominated the pair at the beginning of the week.
Functioning as immediate resistance in the EUR/USD we find several short-term intra-day moving averages as well as the 50-day simple, descending below the 1.1600 handle. A few pips above, the weekly pivot point R1 resistance and the 100-period SMA pertaining to the 4-hour charts, followed by the upper Bollinger in the same time frame could act as a temporary barrier. Looming a few pips above -now in the vicinity of the .1620's- the 200-period SMA on 4-hour charts and the 100-daily SMA printing at 1.1630. If violated, daily R2 at .1647 is the last noteworthy resistance until the next big figure. On the way up, we find the daily R3, which is not clustered to any other indicator.
On the downside, as the Technical Confluences Indicator shows, the pair has to reckon with a few lower-chart technical measures, and it is not until below 1.1540 (down to 1.1525) were we can find a new cluster of levels: the 100- and 200-hour SMAs, among other indicators.
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