EUR/USD prints three-day losing streak ahead of German Industrial Production
EUR/USD has erased a major chunk of gains seen in the six days to May 1. German Industrial Production, due at 06:00 GMT, is likely to show record contraction in March. German court’s recent ruling on ECB’s QE has emboldened the bears
EUR/USD capped by strong resistance lines, has room to fall – Confluence Detector
EUR/USD has been under pressure, struggling around 1.08 amid concerns that the European Central Bank will be unable to support struggling countries.
The Technical Confluences Indicator is showing that euro/dollar is capped at 1.0811, which is a dense cluster of lines including the Fibonacci 23.6% one-month, the Simple Moving Average 5-4h, the Bollinger Band 15min-Upper, the Fibonacci 38.2% one-day, the SMA 100-15m, and the previous weekly low.
Further up, significant resistance awaits at 1.0878, which is the convergence of the SMA 200-1h, the BB one-day-Middle, the SMA 50-4h, and the previous weekly low.
Looking down, weak support awaits at 1.0772, which is the confluence of the Pivot Point one-day Support 1, the PP one-month S1, the BB 4h-Lower, and the BB one-day Lower.
The next cushion is somewhat more robust. At 1.0727, the previous monthly low and the PP one-week S2 converge.
According to Trading Central (3rd party RIA) the EURUSD is short positions below 1.0990 with targets at 1.0725 & 1.0630 in extension.
* Past performance is not a guarantee of future performance
|Number of Lots:||Required Margin:||Risk Management (50%):||Potential Profit/Loss 1.0725|
|1||€ 3,333.33||€ 1,666.67||€ 694.05|
|5||€ 16,666.67||€ 33,333.33||€ 3,470.25|
|10||€ 33,333.33||€ 66,666.67||€ 6,940.50|
|25||€ 83,333.33||€ 166,666.67||€ 17,351.25|
|50||€ 166,666.67||€ 333,333.33||€ 34,702.50|
Gold falls over 1% as dollar strengthens, lockdowns ease
Gold fell more than 1% on Wednesday, pressured by a stronger dollar and expectations that gold supplies will grow as bullion refineries resume operations, and on gradual improvement in investor risk appetite as countries have begun to ease coronavirus restrictions.
Spot gold slipped 1.2% to $1,685.00 per ounce. U.S. gold futures fell 1.3% to $1,688.30, narrowing its lead over the London spot prices to just around $3.3 after two of the world’s biggest gold refiners said they are restoring almost all operations
“It’s a probably a combination of more supply coming into the COMEX, and probably a little bit less interest as risk appetite is growing and the U.S. dollar rallies,” said Bart Melek, head of commodity strategies at TD Securities.
According to Trading Central (3rd party RIA) the GOLD is short positions below 1698.00 with targets at 1681.00 & 1674.00 in extension.
* Past performance is not a guarantee of future performance
|Number of Lots:||Required Margin:||Risk Management (50%):||Potential Profit/Loss 1674|
|0.5||€ 2,358.33||€ 1,179.17||€ 666.67|
|1||€ 4,716.67||€ 2,358.33||€ 1,333.33|
|5||€ 23,583.33||€ 11,791.67||€ 6,666.67|
|10||€ 47,166.67||€ 23,583.33||€ 13,333.33|
|20||€ 94,333.33||€ 47,166.67||€ 26,666.67|
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