Rally, short correction and another rally? That has been the pattern for EUR/USD in recent days but it may run out of steam without another dose of encouraging developments. The world's most popular currency pair has been benefiting from two developments, which have their countertrends as well.
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GBP/USD is rising toward 1.35, the highest since December 2020, shrugging off Brexit concerns. France may reportedly veto a deal if it sees too many compromises from the EU. The final US Services PMI met estimates.
Gold maintained its bid tone through the mid-European session and was last seen trading near the top end of its daily range, or over one-week highs around the $1840 region.
Extra week of Black Friday!
Joe Biden has been elected the 46th President of the United States according to Fox News, AP, ABC, NBC, and CNN. The former Vice-President has pulled ahead in Pennsylvania. The latest batch of votes from the Keystone State put Biden ahead by around 34,000 votes ahead of President Donald Trump. Here is the official post from ABC: ABC News can characterize Joe Biden as the apparent winner in Pennsylvania — a win that makes him president-elect.
A winner has yet to be declared in the 2020 Elections, which have turned into a nail-biter. Valeria Bednarik, Joseph Trevisani, and Yohay Elam discuss the results, the reaction in financial markets, and discuss what's next. High volatility is set to prevail.
"A cycle is a recognizable price pattern or movement that occurs with regularity in a specific time period"
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"Have you ever read news updates mentioning Elliott Wave yet you don’t have a clue what these mean for the Forex?"
"Support and Resistance Lines conform the most basic analytical tools and are commonly used as visual markers to trace levels where the price..."