EUR/USD Price Analysis: Interim contention emerges near 1.0650

WikiFX | 2023-11-09 14:06

Abstract：EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.

- EUR/USD comes under pressure following Mondays tops.

- Further decline could revisit the 1.0650 zone in the near term.

EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.

In case the downward bias picks up extra pace, the pair could extend the pullback to the 55-day SMA near 1.0650, which is expected to provide temporary contention.

In the meantime, while below the 200-day SMA at 1.0804, the pairs outlook should remain negative.

EUR/USD daily chart

Forex Analysis

Prop Trading vs. Algo Trading: How They Shape Modern Markets

This article will provide an overview of these two strategies, examining what sets them apart and why each has its place in today’s markets.

Original 2024-11-12 17:22

FCA Fines Metro Bank £16.7 Million for Lapses in Anti-Money Laundering Controls

The Financial Conduct Authority (FCA) has imposed a £16,675,200 fine on Metro Bank PLC due to critical shortcomings in its financial crime prevention systems. Between June 2016 and December 2020, Metro Bank’s inadequate transaction monitoring controls left more than 60 million transactions, valued at over £51 billion, exposed to potential money laundering risks.

Original 2024-11-12 17:19

Hedge Funds Shorting Tesla as Elon Musk and Donald Trump Forge Alliance

Since Donald Trump’s election victory, hedge funds that maintained short positions on Tesla Inc. have incurred staggering losses, exceeding $5 billion on paper. This setback comes as Elon Musk, the Tesla CEO and the world’s richest person, publicly endorses Trump, aligning himself as one of the president-elect's most prominent billionaire supporters.

Original 2024-11-11 17:19

Why Do Experienced Traders Care About Forex Spreads?

In Forex trading, even small fluctuations can make a significant difference, especially over the long term. One crucial factor that seasoned traders pay close attention to is the spread – the difference between the bid (selling) price and the ask (buying) price of a currency pair. While beginners may overlook its impact, experienced traders understand that spreads play a crucial role in trading costs, strategy selection, and overall profitability.

Original 2024-11-10 08:30