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April 23, 2021

Trade Ideas for EU, BTC, SPX500

Frank Cabibi

Bitcoin Tumbles, Stocks Recover, EU Hits Resistance

EUR/USD Analysis 
News for the euro came out today with a surprise report as French PMI beats expectations while German PMI misses. Price is currently a bit shaky as it's stuck under resistance in the 1.20600s on the 4H chart. Price can find support on a month long rising trend line if it cannot break above resistance on this third test.
SPX500 Analysis 
SPX500 on the 4H chart managed to recover most of its losses after a recent sell off. Biden's new policy for upping the taxes on capital gains was a concern short lived. Now SPX has made new support around $4125 as it pushes toward new highs.
BTC/USD Analysis 
Bitcoin kind of in a free fall after US government talks about cracking down on crypto in the attempt to regulate it more. On the daily chart, price broke under a rising trend line and is currently hovering in the $40Ks. Picking a key support zone looks hard right now, but a good sign for bulls would be if crypto can shake off this news like the stock market and close today's candle with a long wick rejecting the lows.

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