EUR/USD waits for fresh direction near key technical level [Video]
|Chinese authorities think that the country could achieve its 5% growth target with the stimulus measures that have already been announced, but investors not much so. Chinese stocks are further sold off, while bleeding in energy and commodities slow down.
Elsewhere, the major US indices move independently from the Chinese news, the US dollar is flat into today’s FOMC minutes and tomorrow’s CPI update. The EURUSD is also waiting impatiently near a major Fibonacci level before taking a fresh direction. Either the Federal Reserve (Fed) rate cut bets will ease and the US dollar will further rebound and step into the medium-term bullish consolidation zone, or the dollar will remain in the bearish trend building since summer and leave other currencies with vulnerable gains.
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