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Daily analytical report (31/08/17)

  • Yesterday’s movements continue. Safe havens are getting beaten. The only one holding its own is gold. The beginning of the day was pretty uneventful until the market was hit with rumours that some policymakers from the ECB are not very pleased with the strong euro. That helped push the EUR much lower.
  • EURUSD is approaching a combination of three important supports. The first one is the neckline of the recent iH&S. Secondly, there is a 61.8% Fibonacci retracement and the third support is a correction equality pattern. This is all happening around 1.1825, which can be seen as a potential stop for this drop that we are currently witnessing.
  • SP500 is advancing higher using the iH&S formation and the breakout from the bullish flag. The road to a new all-time high is open.
  • Gold is resisting the strengthening USD and the global retreat from safe havens. Demand showed up at the 1300 USD/oz support, which is a promising sign for potential buyers.

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