Trade ideas thread - European session 22 September 2020
Daily thread to exchange ideas and to share your thoughtsIt is a bit more of a quiet start to the day but there are still some cautionary signs in the risk mood with US futures a touch lower and 10-year Treasury yields down by nearly 3 bps to 0.665% as we get into European morning trade.
Major currencies aren't doing a whole lot, but the dollar is holding on to its strong start to the week but it is looking to be a case of bend but don't break for the most part so far.
EUR/USD tracked lower yesterday but held on to key daily support around 1.1750 while gold flirted with a potential break under $1,900 before dip buyers stepped in.
Cable also came close to testing its 10-11 September lows @ 1.2763-74 before moving back closer to 1.2800 currently, with price action still keeping above its key daily moving averages @ 1.2723-26 for now as such.
Equities remain the key spot to watch as the late recovery yesterday in US stocks are still putting a bit of a question mark on the drop since the end of last week.
The Nasdaq especially recovered to close at the highs and nearly erased all losses so that is still something for sellers to contend with as we get the week going.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.