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Week In Review: June 20th – June 24th

EUR/ USD STAY BEARISH

Let’s see how the market will be doing this week after the impact of the Fed’s rate hike on the US economy last week.

Upcoming Friday, the US will publish revised Michigan Consumer Sentiment data that could provide new trading opportunities for EUR/USD traders.

The nearest “support” might reach 1.0480, then 1.0460, and finally 1. 0400. The closest “resistance” is at 1. 0550, which if it is defeated will lead to 1.0600 and then 1.0640.The EUR still seems unable to defeat the USD by this week.

GOLD REMAINED WEAK

The gold price has returned to $1,840.00, clawing back from its initial losses.

After struggling to stay above 61.8 percent Fibo retracements, the gold price remained weak by this week.

Investors should anticipate that the unstable inflation to take longer than expected.

CRUDE OIL MAY RETURN TO BULLISH TREND

Last week, crude oil prices suddenly experienced a heavy drop.  Prices dropped below $110.00 for the first time in 3 weeks, and the lowest level this month reaching as low as $108.However summer months have historically seen oil demand spike.

Upcoming summer travels in the US and Europe will increase demand for crude oil, and if the Chinese lockdown is lifted, there will be a lot of demand from China, the world’s largest oil consumer.

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