Summary:
EURUSD remains stuck in 1.10-1.12 range
GBPUSD reverses suddenly
Bull market on the US stock exchange continues
EURUSD
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Create account Try a demo Download mobile app Download mobile appLet's start with the most popular currency pair - EURUSD. The pair has been trading in a downward trend for a long time. However, an upward correction was launched at the beginning of October. The move was halted at 1.1180-1.1200 resistance zone - an area marked with the upper limit of 1:1 structure and highs from 20th and 31st October. The main trend remains downward as long as the price sits below the aforementioned resistance zone. On the other hand, one should notice that recent drop was stopped at 1.10 handle, which should be considered the key support for now. A break above the 1.12 handle would make outlook more favourable for the buyers and could be followed by a bigger upward move.
EURUSD D1 interval. Source: xStation5
GBPUSD
Taking a look at the GBPUSD, one can see that the market pulled back from the 1.35 handle. The pullback erased all post-election gains the pair has made.. The price reached key support marked with lower limit of Overbalance structure today. Another upward impulse could be launched from here. However, in case bears continue to pressure the pair, the next support to watch can be found at 1.30 handle.
GBPUSD D1 interval. Source: xStation5
US500
Last but not least, let’s take a look at US500 index. The bullish trend remains on the US stock market remains intact and fresh all-time highs are painted almost everyday. The latest downward correction was halted at the lower limit of the 1:1 structure and subsequent rebound led the index to the 3080 pts handle has led the market to new highs. A break above the 161.8% Fibonacci retracement of the latest major correction confirmed bullish sentiment. It looks unlikely that moods will be spoiled prior to the year end as Sino-US trade agreement should keep sentiment buoyed. However, in case downward correction is delivered, investors should focus on the 3126 pts handle - the lower limit of the 1:1 market geometry.
US500 D1 interval. Source: xStation5
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