Early in the summer of 2020, the British Pound is slowly growing against the USD, which is quite good after a depressing previous week. At the beginning of June, GBP/USD is mostly trading at 1.2403.
The Brexit negotiators got into another “ambush”, where their dialog stopped. The United Kingdom earlier announced that in order to agree on the trade deal with the European Union, the parties had to resolve fundamental contradictions. In June, the British Prime Minister Boris Johnson will personally chair the talks and one can be absolutely sure that they will be more aggressive and energetic.
London insists that all topical issues must be decided during the transition period, because the extension of the period will impose additional obligations on the United Kingdom, including financial.
As we can see in the H4 chart, GBP/USD is forming the structure of the fifth ascending wave towards 1.2450. Possibly, after reaching this level, the pair may correct towards 1.2262 and then grow towards 1.2360, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may resume trading downwards to reach 1.2200; if to the upside – start another growth with the target at 1.2490. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving inside the histogram area, which implies further growth. Only after the line leaves the area, one may consider a new correction on the price chart.
In the H1 chart, GBP/USD also continues forming the fifth ascending wave. By now, it has reached the short-term target of this wave at 1.2400. Possibly, the pair may correct towards 1.2325 and then grow to complete the wave at 1.2450. After that, the instrument may resume falling to return to 1.2325. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is falling to break 50. After that, the line may continue moving to reach 20 and then start a new rising movement towards 80.
Disclaimer
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
The COVID-19 pandemic has completely changed our lives. Take something as fundamental as our experiences of space: our mobility has become severely restricted – reduced to jogs or walks a few kilometres around our homes. Perhaps less obviously, the lockdown has also affected our experiences of time.
As an anthropologist of time, I investigate how human beings relate to time, particularly during crises. The current crisis, like many others, could be seen to deprive us of our “temporal agency” – the ability to structure, manage and manipulate our experience of time. For example, many of us will have already lost track of time, wondering which day of the week it is. It feels a bit as if time has come to a standstill.
The most important feature of our experiences of time during crisis is what anthropologist Jane Guyer termed “enforced presentism”: a feeling of being stuck in the present, combined with the inability to plan ahead. We currently don’t know when we can see our loved ones again, or when we can go on holiday. More severely, many of us don’t know when we’ll go back to work – or indeed if we have a job to go back to. In the midst of this crisis, it is hard to imagine a future that looks different than the present.
Tricking time
So how do we cope? I argue that this crisis has prompted us to be more creative with our relations to time. Most of us are even “tricking time” to some extent, as Roxana Moroşanu and I termed it in a recent paper. We speed up and slow down, bend and restructure time in many different ways.
“Corona time” in fact consists of many different times, such as the “time of lockdown”, “quarantine time” or “home office time”. We have learnt to inhabit these new presents. These lessons are deeply personal and differ in each household. Still, they speak of an experience shared worldwide.
Over the last few months, you will have deployed many temporal strategies yourself. This might include the construction of new rhythms and temporal structures. Daily exercises, weekly family Zoom meetings, a 6pm glass of wine or weekend cake baking all mark the passage of time. And home schooling has demanded new schedules – not to mention endless persuasion.
The clock of capitalism
For many, this feeling of stuckness is not new. Those who cannot keep up with the ever accelerating global flows of money, ideas, commodities and people often feel left behind. Critics of capitalism have therefore argued we need a slowing down of time.
In my work on postindustrial cities, I have studied our relationship with the future in times of economic crises. These crises are part and parcel of capitalism, as Marx told us more than 150 years ago. After the second world war, however, welfare states largely kept economic crises at bay.
But the 1980s neoliberal reforms of capitalism resulted in a dismantling of the welfare state. National governments stopped fathoming five-year plans. Just-in-time production and new technological developments, such as the internet, led to an unprecedented acceleration of time.
Temporally, neoliberalism has put humanity into crisis mode for several decades already. Without job security and in ever changing markets, many of us struggle to plan ahead – getting stuck in the present. The way to beat this stuckness is to “muddle through”, or as the British more heroically say, “keep calm and carry on”.
Many postindustrial cities, such as those in Wales and north-east England, have lost a take on their collective prospects. After years of industrial boom and high employment rates, many inhabitants now feel their towns have “no future”. The dismantling of local industries, such as mining, has led to high unemployment and unforeseen levels of migration out of the areas. The young and well-educated move away in search for jobs, while those who stay behind witness the slow decline of their hometown.
To overcome a lack of foresight and enforced presentism, their urban governments have had to reclaim the future planning rather than just responding to events. Despite ongoing decline, they have had to ask themselves: how do we want our city to look, say, in five years time?
Reclaiming the future
This applies to our current situation, too. Now is the time to think ahead about how life should look like in the post-COVID-19 future – we need to trick time further than for our personal households. Although a vaccine or proper treatment for COVID-19 is still not in sight, we have to try to shake the feeling of being trapped in the present. We now need to engage with the emerging politics of time, which will determine our near future.
For example, we will soon see different attempts at declaring an end to the pandemic, based on, for example, low numbers of new infections, and we should carefully assess them. We will also have to ask more fundamental questions about when this crisis is over: how can we solve the ongoing climate crisis? How can we prevent social inequalities in an unforeseen economic recession? How can we prevent another pandemic? The politics of time will also be crucial retrospectively: Have governments acted quickly enough?
Because the corona crisis has allowed us to experience a very different time, it will be interesting to see whether parts of this new normality, such as home offices and reduced mobility, will remain. But even if it is just an involuntary pause from capitalist times, we should reconsider neoliberalism’s temporal regimes of growth, decline and acceleration that have shaped life on Earth.
Our experiences of corona time has given us a training in temporal thought and flexibility. Humanity will weather this crisis, but there are others ahead. Perhaps then, it will be comforting to know that we can, and must, trick time and plan for the future – even when we feel stuck in the present.
Just about everyone thinks the coronavirus pandemic slammed global stock prices in February and March. Entire countries shut down; businesses closed up shop; unemployment soared. People stopped spending money beyond the essentials, so conventional wisdom would indeed expect stocks to slide as a result. Yet consider the below chart of the Shanghai Composite, China’s primary stock index.
Far from prompting a new bear market, the chart shows that the novel coronavirus appeared in Wuhan after a dozen-plus years of net decline in Chinese stock prices. Did the bear market instead prompt the pandemic?
Before we answer, let’s look at one more chart. The below chart shows the Dow Jones Industrial Average plotted against the daily number of new U.S. COVID-19 cases reported to the Centers for Disease and Prevention. The CDC’s case count is a function of disease prevalence, testing capacity and social awareness of the virus.
The Dow peaked on February 12 and began a precipitous fall, finishing the month down some 14% from its high. Yet the number of new daily COVID-19 cases essentially rounded to zero until March 3 when it hit double digits for the first time. Six days later the new daily case count reached triple digits for the first time; a week later new daily cases exceeded a thousand. By then, the Dow was already down more than 29% from its high. These data indicate that the fall in the Dow preceded the acceleration in confirmed new COVID-19 cases in the U.S., not the other way around.
The Dow registered a low on March 23, yet daily new COVID-19 cases continued to soar; on April 7, new cases peaked at 43,438. By then the Dow had already rebounded strongly, up 22% from its low. As the Dow continued higher in the following weeks, the number of new COVID-19 cases receded. These data indicate that the rise in the Dow from its March low preceded the decline in confirmed new COVID-19 cases in the U.S., not the other way around.
In summary: The market led, and the virus followed.
How can we make sense of these data? Robert Prechter’s socionomic theory proposes that social mood regulates the aggregate tenor and character of social trends — including the stock market and our collective susceptibility to epidemics. As social mood becomes more negative, society sends stock prices lower and becomes more vulnerable to epidemics. As social mood becomes more positive, society sends stock prices higher and becomes less vulnerable to epidemics.
Because society’s mood changes are swiftly reflected by the stock market, its trends tend to precede those of other mood manifestations. Thus major epidemics generally emerge or accelerate in countries after large-degree bear markets begin, a proposition which more than a century and a half of history supports.
We can also use socionomics to understand why the world was so unprepared for the coronavirus pandemic. Pundits place the blame on leaders, institutions and the absence of information. But a report from the May 2020 issue of The Socionomist goes deeper to reveal the true source of society’s complacency. It also illuminates how to use the stock market to identify when further risks to our lives and livelihoods are likely to intensify. You can read the entire issue when you join ClubEWI, the world’s largest Elliott wave educational community. Membership is free. Follow this link to join.
This is just the latest move in a long political game with respect to Keystone XL. In 2015, Vice-President Biden supported President Barack Obama’s decision to block the pipeline. After the 2017 election, President Donald Trump restored the project. If completed, the 1,900-kilometre pipeline would carry crude oil from Alberta to Nebraska, ultimately feeding refineries on the Gulf Coast.
Now Biden says he would shut it down again if he’s elected president in November. Canadians need to know that he is really making three arguments against the project, which may require Canada to re-examine its energy sector strategy.
‘High pollutant’
Biden points to Canada’s oilsands as having “… very, very high pollutant” levels. There is some truth to this perception.
The transport of the oil product to refineries in the U.S. increases the GHG emissions of Canadian oil to between 16-33 g CO2e/MJ, depending on the distance covered and whether the product is moved through pipelines (smaller footprint) or by rail (large footprint). When taken together, this shows that greenhouse gas emissions of oilsands production, upgrading and transport are at least four times greater than U.S. conventional oil.
The scientific literature has provided Canadian producers with some arguments to support oilsands production. For example, the relatively low GHG emissions of shale oil are counterbalanced by a host of negative impacts on water supply and quality, issues of geological instability and earthquakes, and growing concern about the longevity of shale operations.
The current COVID-19 situation has further decreased the U.S. need for oil. As 2020 unfolds, investors are predicting oil production drops of up to 2.9 million barrels per day across the U.S. Much of produced oil is being stored, and oil storage capacity is rapidly filling up (or, perhaps not). Regardless, demand for gasoline and other oil products has reached its lowest point since 1971.
What will happen to oil demand as we exit the pandemic and the economy restarts? Some speculate that more and more people will work from home on a semi-permanent basis, giving governments licence to redesign roadways and increase active transit options.
Biden’s comments emphasized the need to transition away from fossil fuels, echoing calls for a Green New Deal, championed by key Democrats such as congresswoman Alexandria Ocasio-Cortez.
The Green New Deal combines a series of goals including 100 per cent renewable energy, along with full access to health care and guaranteed wages. As one of the most senior Democrats to endorse the Green New Deal, Biden could be expected to support this movement should he win the White House.
But the Green New Deal may be a difficult sell in the post-COVID world. While renewable energy generation costs are increasingly cheaper, it is hard to compete against extremely low oil prices, and upgrading the grid to deliver renewable energy may result in higher electricity costs for consumers — something that may not be easy to manage during a major recession.
Very real concerns about energy poverty and inequality must be also be addressed within a Green New Deal — and it will take time to do this right. These concerns and challenges will buy countries like Canada time to adapt their own energy sector to better serve a rapidly changing market south of the border.
Biden’s words should lead Canadians to pause and reflect on the direction that the energy sector is going. Canadian companies depend on the international marketplace, and that marketplace is demanding cleaner energy products.
The U.S. has already become a major oil producer, and it’s left Canadian companies struggling. A Green New Deal will simply serve to accelerate these trends. Without significant change, Canada’s energy sector risks being left behind.
The price of Bitcoin and other cryptocurrencies is set to rise due to the limitations of record-shattering stimulus packages, affirms the CEO of one of the world’s largest financial advisory and fintech organizations.
The comments from Nigel Green, chief executive and founder of deVere Group, come as the European Commission on Wednesday proposed a €750 billion ($826 billion) stimulus package to help the EU towards economic recovery.
In addition, in the U.S., the House passed a record-breaking $3 trillion relief package. Other countries’ central banks, including those in China, Japan and Australia, have taken similar measures.
Mr Green says: “The steps being taken by governments and central banks around the world to boost their respective economies can be expected to trigger a steady increase in the price of Bitcoin.
“As the largest cryptocurrency by market capitalisation, this will have the effect of bringing up the wider crypto sector too.
“By printing huge sums of helicopter money to push into financial systems, traditional currency becomes devalued.
“Bitcoin, of course, cannot simply be printed. Indeed, it is living up to its reputation as ‘digital gold.’ Like the safe-haven precious metal, it’s widely accepted as being a store of value and is valued for its scarcity.”
He continues: “There’s also the legitimate concern over inflation.
“Governments are promising literally boundless stimulus. This money has to go somewhere, so will prices rise? Many experts are expressing fears about a longer-term inflationary boom.
“To hedge against inflation risks, it is likely that more and more investors will increase their exposure to Bitcoin and other digital currencies, driving up prices.”
A high-profile cryptocurrency advocate, Nigel Green has recently noted that looking beyond the current macro climate, we will see an upward, long-term trajectory in the price of Bitcoin due to real-world issues it addresses and increasing adoption.
The deVere CEO concludes: “By the printing of never-seen-before amounts of money, traditional currencies are devalued, inflation fears rise, and crypto prices will steadily increase.”
About:
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
After breaking 1.1028 to the upside, EURUSD continues moving upwards to reach 1.1100. Possibly, the pair may reach it and then start a new correction to break 1.1066. Later, the market may continue trading inside the downtrend with the target at 1.1028.
GBPUSD, “Great Britain Pound vs US Dollar”
After breaking 1.2282 to the upside and reaching 1.2343, GBPUSD is expected to correct and return to 1.2282. After that, the instrument may form one more ascending structure with the target at 1.2372.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is still falling towards 70.00. After reaching this level, the instrument may grow to test 70.50 from below and then form a new descending structure with the target at 69.44.
USDJPY, “US Dollar vs Japanese Yen”
After breaking 107.42 to the downside, USDJPY is expected to continue falling and reach 106.96. After that, the instrument may correct towards 107.30 and then resume trading downwards with the target at 106.60.
USDCHF, “US Dollar vs Swiss Franc”
After breaking 0.9666 downwards and reaching 0.9636, USDCHF is expected to consolidate near the lows. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 0.9600; if to the upside – start a new correction towards 0.9666.
AUDUSD, “Australian Dollar vs US Dollar”
After breaking 0.6629 to the upside, AUDUSD is expected to continue growing towards 0.6675. Later, the market may fall to return to 0.6629 and then form one more ascending structure with the target at 0.6696.
BRENT
Brent is consolidating around 35.50 without any particular direction. If later the price breaks this range to the upside, the market may resume trading upwards with the target at 39.00; if to the downside – start a new correction towards 30.50.
XAUUSD, “Gold vs US Dollar”
Gold is forming one more ascending structure to break 1730.00. After that, the instrument may continue trading upwards with the short-term target at 1750.10.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD continues forming the ascending wave towards 9660.00. Possibly, today the pair may reach it and then start another correction with the target at 9200.00.
S&P 500
The Index is consolidating around 3040.5. Today, the asset may fall towards 3008.0 and then grow to reach 3040.5. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 2944.4; if to the upside – start a new growth towards 3160.5.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
As we can see in the daily chart, BTCUSD is once again attempting to reach the high at 10072.20 to complete the correction. A breakout of the high is just a question of time because even the MACD lines are directed upwards, thus indicating further uptrend. The next upside target may be 76.0% fibo at 11450.00.
In the H4 chart, after re-testing 23.6% fibo, BTCUSD is forming a Triangle correctional pattern. Under such circumstances, the main scenario suggests that the price may break the channel’s upside border and then reach the high at 10072.10 or even the fractal at 10505.60. However, even in this case one shouldn’t exclude a possibility of a breakout of the pattern’s downside border. After that, the instrument may continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 7727.00, 7002.00, and 6278.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, after testing 50.0% fibo, ETHUSD is growing towards the high at 227.46. After reaching and breaking it, the asset may continue growing towards 76.0% fibo at 241.40 and then the fractal high at 288.98.
As we can see in the H4 chart, after reaching 38.2% at 174.82, ETHUSD has failed to test it properly. At the moment, the pair is steadily moving towards the high at 227.46. The main scenario implies a breakout of this level. However, if the instrument rebounds from it, the price may re-test 38.2% fibo at 174.82 or even reach 50.0% fibo at 158.62.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
The EUR/USD currency pair continues to show a steady uptrend. During yesterday’s and today’s trading sessions, the growth of quotes exceeded 120 points. The trading instrument has updated and fixed above the key extremes. The US has published weak economic releases again. Washington-Beijing conflict is still in the spotlight. Tensions between the two countries continue to escalate due to China’s national security laws for Hong Kong. At the moment, EUR/USD quotes are testing the level of 1.1120. The 1.1070 mark is key support. The euro has the potential for further growth relative to the greenback. We recommend opening positions from key levels.
News Feed on the US Economy for 2020.05.29:
– Consumer price index in the Eurozone at 12:00 (GMT+3:00);
– Personal spending in the US at 15:30 (GMT+3:00).
We also recommend paying attention to the speech by the Fed Chairman.
Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.
The MACD histogram is in the positive zone, indicating the bullish sentiment.
Stochastic Oscillator is near the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.1070, 1.1035, 1.0990
Resistance levels: 1.1120, 1.1170, 1.1200
If the price fixes above 1.1120, further growth of EUR/USD quotes is expected. The movement is tending to the round level of 1.1200.
An alternative could be a decrease in the EUR/USD currency pair to 1.1040-1.1000.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.22588
Open: 1.23104
% chg. over the last day: +0.56
Day’s range: 1.22918 – 1.23584
52 wk range: 1.1466 – 1.3516
The last sessions trades on the GBP/USD currency pair have been very active. At the same time, there is no defined trend. Rumors of negative interest rates continue to put pressure on the British pound. Currently, GBP/USD quotes are consolidating. The key range is 1.2290-1.2360. We recommend opening positions from key levels.
The news feed on the UK economy is calm.
Indicators do not give accurate signals: the price is testing 50 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy GBP/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.
Trading recommendations
Support levels: 1.2290, 1.2235, 1.2205
Resistance levels: 1.2360, 1.2400
If the price fixes below 1.2290, GBP/USD quotes are expected to fall. The movement is tending to 1.2250-1.2210.
An alternative could be the growth of the GBP/USD currency pair to a round level of 1.2400.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.37504
Open: 1.37636
% chg. over the last day: +0.07
Day’s range: 1.37531 – 1.37937
52 wk range: 1.2949 – 1.4668
USD/CAD quotes continue to consolidate. There is no defined trend. Financial market participants expect additional drivers. The loonie is testing local support and resistance levels: 1.3730 and 1.3790, respectively. We recommend paying attention to the dynamics of “black gold” prices. A trading instrument has the potential for further decline. Positions should be opened from key levels.
At 15:30 (GMT+3:00), a report on Canada’s GDP will be published.
Indicators do not give accurate signals: the price has crossed 50 MA.
The MACD histogram is near the 0 mark.
Stochastic Oscillator is in the neutral zone, the %K line has started crossing the% D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.3730, 1.3700
Resistance levels: 1.3790, 1.3820, 1.3870
If the price fixes below 1.3730, a further drop in USD/CAD quotes is expected. The movement is tending to 1.3700-1.3670.
An alternative could be the growth of the USD/CAD currency pair to 1.3820-1.3850.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 107.730
Open: 107.640
% chg. over the last day: -0.07
Day’s range: 107.081 – 107.316
52 wk range: 101.19 – 112.41
During the Asian trading session, aggressive sales were observed on the USD/JPY currency pair. The drop in quotes exceeded 50 points. The trading instrument found support at 107.10. The 107.30 mark is local resistance. Tensions between the US and China support the demand for “safe-haven” currencies. USD/JPY quotes have the potential for further decline. Positions should be opened from key levels.
Japan published weak data on retail sales and industrial production.
Indicators signal the power of sellers: the price has fixed below 100 MA.
The MACD histogram is in the negative zone, indicating the bearish sentiment.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.
Trading recommendations
Support levels: 107.10, 106.80, 106.50
Resistance levels: 107.30, 107.45, 107.60
If the price fixes below 107.10, a further drop in USD/JPY quotes is expected. The movement is tending to 106.80-106.60.
An alternative could be the growth of the USD/JPY currency pair to 107.45-107.60.
During yesterday’s trading session, the greenback has continued to lose ground against its main competitors. The dollar index (#DX) closed in the negative zone (-0.69%). The US continues to publish rather weak economic releases. In April, the volume of durable goods orders decreased by 17.2% (m/m). At the same time, the indicator has exceeded market expectations at the level of 19.0%. According to preliminary data, the country’s GDP will decline by 5.0% in the first quarter. The number of initial jobless claims has exceeded 2 million again. Pending home sales index counted to 21.8% compared to the forecasted value of -15.0%.
The conflict between Washington and Beijing is still in the spotlight. Tensions between the two countries are escalating due to China’s national security laws for Hong Kong. The Chinese government has approved the adoption of this law. Today, Donald Trump will comment on this decision at a press conference. Financial market participants will also follow the speech by the Fed Chairman.
Oil quotes have been declining. Currently, futures for the WTI crude oil are testing the $32.65 mark per barrel. At 20:00 (GMT+3:00), US Baker Hughes oil rig count will be published.
Market indicators
Yesterday, there was the bearish sentiment in the US stock market: #SPY (+0.18%), #DIA (+0.56%), #QQQ (-0.13%).
The 10-year US government bonds yield has declined. At the moment, the indicator is at the level of 0.66-0.67%.
The news feed on 2020.05.29:
– Consumer price index in the Eurozone at 12:00 (GMT+3:00);
– Personal spending in the US at 15:30 (GMT+3:00);
Despite the stable performance in 10-year US yields over the last few days, the EUR/USD saw a break above 1.1000.
The main driver for the bullishness was the announcement of the EU commission, proposing a 750 Billion Euro fiscal stimulus package with 500 billion Euro in grants and 250 billion in loans.
While this might not come as such a big surprise after Germany and France’s Merkel and Macron proposed a 500 billion EU recovery fund on May 18, which would offer grants to European Union regions and sectors hit hardest by the coronavirus pandemic. This can be considered the first step towards a transfer union in addition to the massive monetary support from the ECB bullish for the Euro.
If today’s US economic projections, especially in terms of Personal Spending, see a further and even sharper than expected drop than -12.6% and after it dropped by 7.5% in March month-over-month, showing the largest decline in personal spending on record induced by the Corona-lockdown, yet bullish momentum in the EUR/USD could accelerate even further.
That’s particularly true if the focus in 10-year US Treasury yields goes back to the important 0.60% mark where a break lower would narrow the yield differential between EU and US bonds further, favouring gains in the EUR/USD:
Source: Admiral Markets MT5 with MT5-SE Add-on EUR/USD Daily chart (between March 29, 2019, to May 28, 2020). Accessed: May 28, 2020, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2015, the value of the EUR/USD fell by 10.2%, in 2016, it fell by 3.2%, in 2017, it increased by 13.92%, 2018, it fell by 4.4%, 2019, it fell by 2.2%, meaning that after five years, it was down by 7.3%.
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