How to trade on June 26?

#1
How to trade on June 26?

EUR/USD is now officially in a bull market.

Fundamental factors

  • The market sentiment is mixed. Yesterday unemployment claims in the USA came worse than analysts expected. Almost 1.5 million Americans lost their jobs last week. That was the signal that the US labor market is still struggling from the coronavirus damage even with the economy reopening. In total, 47 million people were fired during the coronavirus pandemic, it’s higher by 10 million than during the Great Recession.
  • US states such as Florida and Texas recorded new coronavirus outbreaks. Localized restrictions have been imposed in Portugal, Germany, Australia and China.

Technical tips

S&P 500

Nevertheless, stocks gained slightly yesterday. Investors stay optimistic because they believe that the second wave will be offset by the additional stimulus measures from the government. The tug of war between bulls and bears this week sent the S&P 500 from side to side, with yesterday’s gains leaving it flat. The move below the strong support at the 200-day moving average at 3020 will push the price even deeper to the key psychological mark at 3000. Otherwise, if bulls get stronger, the S&P 500 may climb to the resistance at 3110, that it has touched already several times. Analysts expect some payback for stocks and riskier currencies in July after such a great rally for three straight months.

sp500-june-26-2020.png


EUR/USD

EUR/USD's daily chart shows a golden cross of the 50- and 200-day moving averages, a long-term bull market indicator. However, bulls don’t rush to move on because this signal is quite weak as the price surged much higher from moving averages. The break above the high of June 22 at 1.1260 will push prices up. Otherwise, if the pair crosses the support at the low of June 19 at 1.1170, prices may fall further.

eurusd-june-26-2020.png


Oil

Finally, let’s talk about oil a bit. Oil prices rose after Russia cut exports of its crude Urals to the lowest in at least 10 years. If the Brent oil price manages to close above the $45 level, it will push prices up. Support levels are $39 and $36.

oil-june-26-2020.png

Follow US reports of personal spending and consumer sentiment at 15:30 MT time today.

Source: https://fbs.com/analytics/news/
📖 Download over 600+ Free Forex & Trading books from the Trader's Library.

Important: The worst forex brokers of 2021👎


Attachments 3
  1. Similar Topics

    1. One Trade per Trend

      0 Replies 2299 Views

      by hobbytrader, Sat Aug 15, 2020 7:42 pm in Coding Help

      0 Replies
      2299 Views
    2. Should I trade now or keep doing demo?

      16 Replies 1747 Views

      by Achille, Wed Jan 20, 2021 12:45 am in New Members & Common Forex Q&A's

      16 Replies
      1747 Views
    3. Copy Trade

      4 Replies 559 Views

      by legat12, Tue Apr 06, 2021 1:25 am in New Members & Common Forex Q&A's

      4 Replies
      559 Views

Return to “Forex Fundamentals & News”