Tether Issued Another 20 Million USDT Tokens as Bitcoin Price Showed Signs of Weakness

Tether is one of the most remarkable companies in the cryptocurrency space so far. Their business model revolves around issuing digital tokens pegged to fiat currency. Especially the USDT token is often used on cryptocurrency exchanges. Big was people’s surprise when the company introduced another 20 million USDT out of the blue. This move coincides … Continue reading Tether Issued Another 20 Million USDT Tokens as Bitcoin Price Showed Signs of Weakness

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Technical Analysis Based on Breakout – flat

EURUSD – Up Technical Observation: Nothing has changed much since the other day’s analysis. I still expect Eur to plummet towards 1.1481 where I’ll pick a long position towards 1.3138. According to the weekly chart above, I chose to remain flat and wait for a bounce from 1.1481 to pick a long position. If the price can breakout below 1.1481, then further bearish momentum towards 1.0468 is expected. But as it is, I’d rather wait for a bounce from 1.1481 to long Eur. Resistance levels R1: 1.1828 R2: 1.2006 R3: 1.2314 Pivot 1.1677 Support Levels S1: 1.1088 S2: 1.1396 S3: 1.1523 Trade Signal flat
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AUD/USD bounces, but it is forming lower highs

The Australian dollar lost its high range in late October and seems to have stabilized at a new range. Support is found at 0.7625 and resistance is at 0.7730. Any drop to the downside was followed by a rise to the upside in recent days. This is the case today as well. After falling to […]

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Elliott waves for Forex correlation analysis – We’re short

EURUSD – Up Wave Analysis: Euro continues to drop in price perfectly as previously forecasted and could drop even further. As long as the price remains below 1.1672, we expect a possible extension of the impulsive wave (C) to the lower side but should not go beyond 1.1120. If this support is breached, then further drop towards 1.10 is expected. This pair should be traded alongside CADJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell euro if the other positively correlated pairs are giving the same signal. Trade Recommendations: Remain short towards 1.1120
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
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EUR/USD – Euro Unchanged as Investors Search for Cues

The euro has inched lower in the Wednesday session. Currently, EUR/USD is trading at 1.1566, up 0.08% on the day. There are no major events in the eurozone or the US, it could remain a quiet day for the euro. France posted a trade deficit of EUR 4.7 billion, which matched the estimate. On Thursday, Germany releases Trade Balance and the US publishes unemployment claims.

Eurozone retail sales rebounded sharply in September, pointing to an improvement in consumer spending. The gain of 0.7% came after two straight declines, and was the strongest gain since February. The markets are hoping for strong euorozone consumer spending in the fourth quarter, given the robust German economy and stronger economic conditions in the eurozone.

German coalition talks appear to be closer to a breakthrough, as Angela Merkel’s conservative bloc and two small parties have managed to narrow gaps on taxation climate control and immigration. The parties started exploratory talks on Tuesday, and Merkel could have a government in place in December.

German Coalition Close to a Reality After Concessions Made

After failing to pass a new healthcare act, President Trump has his sights set on tax reform, a key item in his domestic platform. Trump wants Congress to pass legislation overhauling the tax code before the end of the year, but that could prove to be too tight of a deadline. Most Democrats have come out against the proposal, and not all Republicans are on board. The bill would cut corporate taxes from 35% to 20%, but predictably, Democrat and Republican lawmakers are at odds as to whether the bill will lower taxes for the middle class. The bill is presently being debated in a congressional committee and is expected to move to the House floor next week. The Senate will present its version of the bill on Thursday, so we can expect plenty of activity in Congress in the next few weeks. Expectations that Trump will cut taxes has been the catalyst for a stock market rally over the past year, and if the bill does become law, the US dollar will likely gain ground.

Next Four Days Will Be Crucial for the GOP Tax Bill

EUR/USD Fundamentals

Wednesday (November 8)

  • 2:45 French Trade Balance. Estimate -4.7B. Actual -4.7B
  • 10:30 US Crude Oil Inventories. Estimate -2.5M
  • 13:01 US 10-year Bond Auction

Thursday (November 9)

  • 2:00 German Trade Balance. Estimate 21.0B
  • 4:00 ECB Economic Bulletin
  • 5:00 EU Economic Forecasts
  • 8:30 US Unemployment Claims. Estimate 232K
  • 10:00 US Final Wholesales Inventories. Estimate 0.3%
  • 10:30 US Natural Gas Storage. Estimate 15B
  • 13:01 US 30-year Bond Auction

*All release times are GMT

*Key events are in bold

EUR/USD for Wednesday, November 8, 2017

EUR/USD for November 8 at 6:00 EDT

Open: 1.1586 High: 1.1611 Low: 1.1585 Close: 1.1597

EUR/USD Technical

S1 S2 S1 R1 R2 R3
1.1366 1.1489 1.1574 1.1657 1.1777 1.1876

EUR/USD has been flat in the Asian and European sessions

  • 1.1489 is providing support
  • 1.1574 has switched to a resistance role after losses by EUR/USD on Tuesday

Further levels in both directions:

  • Below: 1.1574, 1.1489, 1.1366 and 1.1268
  • Above: 1.1657, 1.1777 and 1.1876
  • Current range: 1.1574 to 1.1657

OANDA’s Open Positions Ratio

EUR/USD is unchanged this week. Currently, short positions have a majority (62%), indicative of EUR/USD continuing to move downwards.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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EM currencies drop more despite dollar weakness

Shares were mixed overnight as the rally which lifted equities to multi-year and record highs stalled. Nikkei 225 closed just above its best level since January 1992. Trump’s Asian tour and geopolitical tensions in the Middle East has muted the market rally so far. Trump called out China and Russia to cut any form of support to North Korea, as trade talks with China could prove to be a sensitive matter.

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