Tickmill's Investing Diva, EURUSD Daily Outlook 12-08-20
EURUSD Daily Outlook 12-08-20 - On Tuesday we found out that the US presidential nominee, Joe Biden, announced Kamala Harris as his running mate, which will make her the first Black woman and the first woman of Asian descent nominated for vice president by a major party. In the UK the jobs picture remains bleak with a low unemployment rate masking a sharp drop in employment and a record fall in hours worked.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Wednesday we’ll be eyeing the UK GDP, the US inflation rate, and Australia’s employment and unemployment rate among other risk events.
Today I’m looking at the EUR/USD pair which has just broken below the Ichimoku cloud on the 4-hour chart after forming a double-top bearish reversal chart pattern. The neckline of this chart pattern is at the 23% Fibonacci retracement level of 1.17. The future cloud appears bearish, and although we could see a temporary correction towards the upper band of the Ichimoku cloud, we could see the pair dropping to key support levels around 1.16 and 1.15 in the medium term.
Do you think the bullish run has officially ended for the EUR/USD pair? Head over to the comments section and let me know.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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