EUR/USD waits for fresh direction near key technical level [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Chinese authorities think that the country could achieve its 5% growth target with the stimulus measures that have already been announced, but investors not much so. Chinese stocks are further sold off, while bleeding in energy and commodities slow down.

Elsewhere, the major US indices move independently from the Chinese news, the US dollar is flat into today’s FOMC minutes and tomorrow’s CPI update. The EURUSD is also waiting impatiently near a major Fibonacci level before taking a fresh direction. Either the Federal Reserve (Fed) rate cut bets will ease and the US dollar will further rebound and step into the medium-term bullish consolidation zone, or the dollar will remain in the bearish trend building since summer and leave other currencies with vulnerable gains.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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