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CFDs come with a high risk of losing money rapidly due to leverage. 71% of accounts lose money when trading CFDs with this provider. You should understand how CFDs work and consider if you can take the risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

79% of retail investor accounts lose money when trading CFDs with this provider.

Market Insights

Trading insights: EURUSD pressed, silver holding above support

Copy of Blog Images - Skilling - 2023-08-17T110902.479

Market Talk

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%.

Screenshot 2023-08-17 111127
Source: TradingView / J. Knobel August 17 2023 8:49 AM UTC

Trading prospective

EUR/USD bearish prospects remain

Screenshot 2023-08-17 111201

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.