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Summary
Forex traders are always eager to ride a new trend from the very beginning. To do that it’s necessary to spot the moment when the previous trend reverses. However, it may be really tricky to distinguish reversal from a mere correction. Elizabeth Belugina, the Head of Analytics at FBS, will provide some solutions to this problem.
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EUR/USD recovers from Powell’s dip and holds above 1.1300
EUR/USD trades around 1.1310 after falling to 1.1234 following US Federal Reserve Chair comments on inflation on tapering. EU inflation hit a record high of 4.9% YoY in November.
GBP/USD falls to 1.3194, a fresh 2021 low
GBP/USD changed course on sudden dollar's demand, piercing the 1.3200 level for the first time since last December. Fed chief Powell talked about speeding up tapering, sending Wall Street in a selling spiral.
Gold at risk of piercing the monthly low at 1,758.81
The Omicron coronavirus variant may reduce the effectiveness of vaccines and treatments. US Federal Reserve Chair Powell talked about speeding up tapering. XAU/USD faltered again around the 1,800 level, may retest November low.
Leading cryptos take the back seat
BTC is likely to face some underperformance against the altcoin market. ETH price action pushes higher during the Tuesday trading session, making another attempt at new all-time highs. XRP is close to recovering all of the losses it sustained on Black Friday.
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