EUR/USD week 52

The Relative Strength Index is just below 70 – marginally outside overbought conditions. Momentum remains to the upside and the pair is still above the 50, 100 and 200 Simple Moving Averages, yet to resume the uptrend, an extended correction may be needed.  Support awaits at 1.2240, the daily low, followed by 1.2210, a swing…

Brent Crude Oil week 52

Brent crude futures rebounded to trade slightly higher around $50.4 a barrel on Tuesday as investors digest fresh concerns over global fuel demand as countries tighten coronavirus restrictions. Germany and the Netherlands will enter a new lockdown, the UK government imposed tighter Covid-19 measures on London and in NY the Governor warned the city is…

EUR/USD week 49

The euro touched $1.2175 on Thursday, its strongest level since April 2018, before trimming some of the gains to trade around $1.215. The common currency was helped by broad dollar weakness amid renewed hopes for a coronavirus vaccine and signs of progress towards US fiscal stimulus. On the monetary policy front, the ECB’s account of…

GBP/USD week 49

The British pound rose to a 3-month high of $1.3407 on Tuesday, before paring some gains to trade around $3.335 supported by better-than-expected manufacturing PMI data, hopes of a post-Brexit trade deal, easing coronavirus restrictions, and upbeat COVID-19 vaccine results. Final Markit PMI data showed British factory activity expanded more than initially thought and at…