Forex Guides

EUR/USD Midweek Update 5 Dec 18

Good day forex traders.

There had apparently been a stark change of the market sentiments. I would like to address this with a midweek update.

Looking at the hourly chart above, we see a bullish attempt facing immediate resistance at the current level. I have circled yellow for easier visualisation. You can see that some resistance are present previously too.

The word now is that investors are beginning to form conclusions that the pause in the US – China trade wars does little besides kicking the can down the road. A day of gains across many markets became loses the day after.

The US markets are closed today as a form of respect towards the former President Bush. Volume should be lighter than usual. Low volume conditions may give rise to spikes due to lower liquidity. Hence it is prudent to always have proper money management.

Meanwhile in Europe, Brexit continues to influence sentiments as the debates rage on in Britain.

Do be mindful of the upcoming OPEC meeting, the US Non-Farm Payroll and all the other economic data releases. It is good to always refer to an economic calendar to be in the know. Members can log in to their dashboard for the economic calendar and forex heat map ( to get a pulse of the current sentiment ).

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