02 November 2021, EUR/USD
EURUSD trading plan:
The investors await a policy meeting of the U.S. central bank for clues to how it will fight growing inflationary pressures and worries over weaker economic growth. Elevated price and wage increases may challenge the Fed as they try to strike a balance between containing inflation and supporting a recovery in jobs lost since the pandemic. This is a negative signal for gold and the European currency, since assets correlate with each other. Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up, translating into a higher opportunity cost for holding bullion, which pays no interest.
Investment idea: sell 1.1615 and take profit 1.1555.
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