Don’t waste your time – keep track of how NFP affects the US dollar!
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Personal areaEUR/USD is moving inside the descending channel. It has taken a breath at the start of the day after falling for four days in a row. It may retrace to the psychological mark of 1.1400, but then the downtrend should continue. The nearest support level is at 1.1350. If it breaks it, the pair may fall to the 1.1300 support – the level unseen since mid-July 2020.
Gold keeps rising. It has approached the 50% Fibonacci level of $1875 which will be hard to cross. The long tails of the last candles signal that the metal is exposed to fall to the $1850 support level. On the flip side, if the uptrend continues and gold surges above the 50% Fibonacci level of $1875, the way to the psychological mark of $1900 will be open.
