December 5, OctaFX – In the United States, the markets closed lower yesterday as traders started to worry about the truce between the US and China. Traders are concerned that the truce will not work because of the hardline positions from the two sides.
The Dow and S&P 500 indices shed 800 and 90 points respectively. This weakness spread in Asia where the Hang Seng and China A50 declined by 247 and 55 points respectively.
In Europe, futures point to modest gains at the open, with the DAX and FTSE gaining by 28 and 15 points respectively. Today, American markets will remain closed as the country mourns the death of George H.W. Bush.
EURUSD technical forecast
The EURUSD slipped in overnight trading after yesterday’s rally. The pair declined to a low of 1.1327, which is along the lower line of the symmetrical triangle pattern.
With this fall, the pair’s triangle pattern is closer to reaching the apex, which is an indication that a rally in either direction could happen.
The current price of 1.1325 is below the 15-day and 30-day EMA. There is a possibility that the narrow range will be broken tomorrow after ADP releases the jobs numbers.
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