21 October 2020, EUR/USD
EURUSD trading plan:
We are expecting the development of an uptrend in the European currency. The three-month dollar Libor rate, which is the benchmark in the European interbank lending market, has renewed its historic low, which signals a surplus of dollar liquidity in the financial system. This is a negative for the dollar. A bullish rally in the gold market will provide additional support for the Euro. House of Representatives Speaker Nancy Pelosi added to hopes that the stimulus measures would be passed by Congress, saying, “I hope so. That’s the plan,” for an agreement to be reached the following week. Pelosi will continue talks with Treasury Secretary Steven Mnuchin later in the day. This is a positive signal for gold!
Trading recommendation: Buy 1.1845 and take profit 1.1888.
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