On December 30, a bearish ABC reversal pattern was initiated around 1.1235 (Previous Key-zone) just before another bearish movement could take place towards 1.1100 (In the meanwhile, the EURUSD pair was losing much of its bearish momentum).One more bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located. That’s why, quick bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.Further bearish decline took place towards 1.1000 where the pair looked quite oversold around the lower limit of the depicted bearish channel where significant bullish rejection was able to push the pair back towards the nearest SUPPLY levels around 1.1080-1.1100 (confluence of supply levels (including the upper limit of the channel).Since then, the pair has been down-trending within the depicted bearish channel until last week when bearish decline went further below 1.0950 and 1.0910 (Fibonacci Expansion levels 78.6% and 100%) establishing a new low around 1.0790.Currently, the EUR/USD pair looks quite oversold after such a long bearish decline and if bullish recovery is expressed above 1.0845-1.0860, further bullish advancement would be expected towards 1.0910 then 1.0950.Intraday traders were advised to look for signs of…
On the period between December 18th – 23rd, bearish breakout below the depicted previous bullish channel followed by transient bearish movement below 1.3000 were demonstrated on the H4 chart.However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where the current wide-ranged movement channel was established between (1.3200-1.2980).Recent temporary bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channe) where evident bullish rejection was manifested on February 10.Last week, temporary bullish breakout above 1.3000 has been expressed until Wednesday when another bearish decline below 1.3000 brought the GBPUSD pair back towards the lower limit of the channel @ 1.2870 -1.2850 where another episode of bullish recovery is being demonstrated.As expected, the current bullish pullback managed to pursue towards the price zone of 1.2980-1.3000 which may fail to offer enough bearish rejection.Although the Intermediate-term technical outlook remains bearish below the price level of 1.3000 (Supply-Zone), any bullish breakout above 1.3000 should be waited as a valid Intraday BUY entry.If so, further bullish advancement will be demonstrated towards the price levels of 1.3070 and 1.3150.On…
Higher linear regression channel: direction – downward.
Lower linear regression channel: direction – downward.
Moving average (20; smoothed) – down.
On February 25, the GBP/USD currency pair starts with a new round of corrective movement against the downward trend. On Friday last week, the pair’s quotes had the opportunity to gain a foothold above the moving average line, however, it did not take advantage. The new trading week opened with a gap down, which led to the resumption of the downward trend. However, at the same time, bears do not find new reasons for selling the British currency or buying the US dollar. The macroeconomic background this week will be extremely poor, so traders can only count on speeches by top officials of the UK, the European Union, or the United States on topics related to London’s trade negotiations with Washington or Brussels. Only this information can trigger serious exchange rate changes in the pound/dollar pair.
A hearing on the inflation report is scheduled for today in the UK. An event with a “high-profile” name that is unlikely to have any impact on the currency market. Also in the UK today, the CBI report on retail sales – sales volume for February,…
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