Trading insights: EURUSD pressed, silver holding above support
Product bullet points
- EUR/USD - price dipped below the 1.0870 support triggering speculation that further downside could be on the table. FOMC minutes suggest “hawkish” Fed adding some speculation that the USD could strengthen.
- Gold and Silver prices are higher this morning in EU trade, however, bearish technical conditions remain. Silver traders' eyes are on the $22.15 support level.
- Crude Oil prices are looking bullish despite the recent downside moves. Recent downside pressure could be technical overbought conditions “unwinding”. WTI traders' eyes are on the $78.70 support.
Today’s economic calendar
- Norges Bank hikes 0.25%, from 3.75% to 4%; USDNOK drops 0.3%.
Source: TradingView / J. Knobel August 17 2023 8:49 AM UTC
EUR/USD bearish prospects remain
Technical commentary: EUR/USD current price 1.0879
Despite that current price remains contained within the upward-sloping 12 week price channel, downside risk remains on the table since the bearish pennant pattern proved true e.g the pattern is completed with a price break below the lower line (see chart). Further downside prospects towards the 1.0756 can not be ruled out, while upside risk is seen above the 1.1040s (see chart).
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Not investment advice. Past performance does not guarantee or predict future performance.
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