Free Trade Ideas

Welcome to Mid-Week Trade! Today’s headliner is the FOMC Minutes release at 2:00 PM EST; be sure to join us at Switch Markets on YouTube or in the HowToTrade trading room for all the action beginning at 1:00 PM EST!
During the London session, the latest inflationary metrics from the UK and EU hit the newswires. In the UK, CPI rose as expected (0.4%) in October and ticked to 3.6% year over year. The situation was better in the EU, with CPI standing unchanged monthly (0.2%) and yearly (2.1%). Both the GBP and EUR saw short-term volatility following these releases.
As a general rule, the more active a market is, the better the opportunity. This week has been a good one for the EURGBP. A nice range has been established, producing a potential buying opportunity for the coming days. Here’s a support level worth watching:
Weekly 38% Fibonacci Retracement, 0.8785
Check our Key Levels for more information on this Trade Idea.
During the US pre-market hours, the MBA 30-Year Mortgage Rates rose to 6.37%, up from 6.34% week-over-week. This suggests that the promised December Fed rate cut is far from a sure thing. In energies, the weekly EIA status report came in at -3.4 million barrels last week. Total US oil stocks now stand at 424.2 million barrels, about 5% below the five-year average. This is a terrible report for this time of year, and with possible Venezuela strikes, is propping crude oil prices up. We’ll have more on today’s live stream at 1:00 PM EST.
That’s a wrap. Trade well, and we’ll see you in the markets!