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3 536
EUR/USD Forex Signal: Pointing to a Drop to 1.1600
The pair will likely continue moving in a downward trend as bears target the key support at 1.1600.
Bearish view
Sell the EUR/USD pair and add a take-profit at 1.1600.
Add a stop-loss at 1.1800.
Timeline: 1-2 days.
Bullish view
Set a buy-stop at 1.1762 and a take-profit at 1.1850.
Add a stop-loss at 1.1650.
The EUR/USD pair retreated during the American and Asian sessions as traders reflected on the latest US retail sales and manufacturing and industrial production numbers. The pair also declined after a statement by Jerome Powell, the Federal Reserve chair.
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US Mixed Economic Data
The market has received mixed economic numbers in the past few weeks. Early this month, the country published relatively strong employment numbers. The data showed that the economy added more than 943k jobs in August while the unemployment rate fell to 5.3%.
Last week, the numbers showed that consumer prices remained elevated in August. The headline Consumer Price Index (CPI) rose by 5.4% in August, the highest number since 2008. Core CPI retreated slightly to 4.3%.
On Tuesday, data published by the statistics agency showed that the headline retail sales declined by 1.1% in July after rising by 0.7% in the previous month. This decline was worse than the median estimate of a -0.3% decline.
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GOLD SELL
At - 1786.50
Sl - 1798.00
Tp1 - 1783.00
Tp2 - 1779.00
Tp3 - 1772.00
Use a small lot size ‼️‼️
3 536
GOLD SEL 1787.5
TP : 1785
TP : 1781
TP : 1776
TP : 1770
SL : 1800
Apply a proper risk management ‼️
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