The Elliott Wave theory is a phenomenal tool for understanding market cycles, making accurate decisions, and having a consistent trading plan over time frames. When the trade works, let it run when it fails, close it as soon as possible near the break-even area.
We are looking this week for another leg up on the SPX500, a retrace on EUR/USD, and a bear continuation on WTI. Please watch the video to understand these trading plans for the week deeply.
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EUR/USD stabilizes above 1.0750, looks to post modest weekly gains
Following the sharp decline witnessed in the European session, EUR/USD has managed to recover modestly and seems to have stabilized above 1.0750 amid an improvement seen in market mood. The pair remains on track to end the week modestly higher.
GBP/USD holds above 1.2200 heading into the weekend
GBP/USD retraced a small part of its daily decline in the American session after having tested 1.2200 earlier in the day. The US Dollar has lost some strength with Wall Street's main indexes rebounding from opening lows, allowing the pair to limit its losses.
Gold retreats after facing resistance at $2,000
Gold price climbed above $2,000 in the early American session but reversed its direction. With the benchmark 10-year US Treasury bond yield recovering from daily lows after Wall Street's opening bell, XAU/USD struggles to keep its footing and trades at around $1,990.
Breaking: Binance suspends spot trading, citing issues
Binance, one of the world's largest cryptocurrency exchanges by trading volume, announced that it halted spot trading. The announcement from the exchange caused BTC and ETH to drop by nearly 3% and 4%.
Deutsche Bank Stock Forecast: DB shares drop 6% at open following bond sell-off
Deutsche Bank (DB) is the newest bank that has the market worried. Shares opened down more than 6% on Friday and at the time of writing are trading off -6.8% at $8.99.