Finally, all the noise around Trump and Xi meeting at G20 finished. As always – a lot of talks and not much result. All are too much excited about it. Nothing really changed. Trump has only delayed tariffs, he didn’t remove it at least partially. He just gave a bit of hope allowing Huawei to buy from US suppliers. This is it. You know Trump – one day he says all is good, they have progress with China and another day he is posting opposite. So, I wouldn’t listen to what he says. Better analyze the facts – tariffs are still on. This is it.
But I have to admit America really has a chance to win this war. And it’s not because of Trump’s promises or something like that. US economy is ahead of Chinese. The Chinese economy is slowing down faster. Not much has changed in EUR/USD forecast as last week pair was consolidating within a very tight range.
This price action makes me think about possible distribution formation. But still, we need confirmation. UT would be a nice one (in other words its false break up). If this happens, we will get up to one more week of a tight trading range. Before 1.13400 will be broken. So, in the case of distribution formation, I will be targeting 1.12800 and 1.11800 in extension. But pay attention, we don’t have enough price action to say for sure now. Also, in the coming week, we should expect a lot of news. So, there is a possibility to hit 1.14800. But this move is only possible as news driven. Watch price action carefully. Coming week I will make a post regarding few stocks for long term investments. I already have them in my portfolio and in some of the managed accounts. Be in the loop 🙂
Good luck and good trading!
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