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Summary
We've brought in Navin Prithyani once again for a Open Webinar here at FXStreet. This is your chance to see him LIVE during this exclusive webinar on topic he is renowned for: Support and Resistance.
Here’s a message we received from Navin: "Support and resistance is a topic very commonly mentioned and used, but yet so misunderstood among most traders. During the webinar, I'm going to openly share the logic and the WHY behind support & resistance that explains exactly how it should be applied. This will be an FXStreet exclusive. We'll cover the logic and will be going into details like how to draw support and resistance properly and even a trading strategy using support and resistance."
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Editors’ Picks
EUR/USD falls toward 1.1700 on broad USD recovery
EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.
GBP/USD trades deep in red below 1.3350 after soft UK inflation data
GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.
Gold clings to moderate daily gains above $4,300
Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.
Bitcoin risks deeper correction as ETF outflows mount, derivative traders stay on the sidelines
Bitcoin (BTC) remains under pressure, trading below $87,000 on Wednesday, nearing a key support level. A decisive daily close below this zone could open the door to a deeper correction.
Monetary policy: Three central banks, three decisions, the same caution
While the Fed eased its monetary policy on 10 December for the third consecutive FOMC meeting, without making any guarantees about future action, the BoE, the ECB and the BoJ are holding their respective meetings this week.
Here is what you need to know on Wednesday, December 17:
The US Dollar holds its ground early Wednesday as markets reassess the Fed policy outlook after the employment data. In the early European session, November inflation data from the UK will be watched closely by market participants.