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Such an outcome could push GBP back above 1.32 handle and establish a sustained bullish rally. Meanwhile, an amendment that facilitates second Brexit referendum is passed could see the pair trade range-bound in short term with an outcome that results in cancellation of Brexit pushing the pair higher. Given the current scenario, there is very little for any other outcome and so immediate outlook for British Pound is positive. While contradictory headlines could push the pair on bears path, the pair would still face strong support around 1.30 handle as investors await further updates while positive proceedings will result in sustained positive rally or range bound rally with bullish bias in immediate and near future market session.
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A large number of important news reinforced the foreign exchange market volatility at the end of last week. The dollar index failed to continue to grow on Friday, losing more than a percent, rolling away from the January highs. Despite the calm nature of trading on Monday, the US currency continued its cautious retreat.
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It is worth noting that all these movements occur within the established trade corridors. Market participants are hesitant to develop an offensive before a series of important news.
EURUSD pair is clamped in the range of 1.13-1.15, turning on Friday from the bottom border. The technical analysis supporters may note that the pair reversal on Friday is a “bullish takeover.” Such a model on the market is a sign of further growth of the currency pair.
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However, it is worth being careful to follow this candlestick pattern. It works well in the news vacuum that we saw on Monday. However, later this week, the situation will most likely get hotter, and the EURUSD growth model will have to undergo several fundamental checks.
First of all, we are talking about the news about the trade negotiations between the United States and China. If there is no negative on this topic, the euro may lose ground.
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No worries... I only say because there's newbies on here that get terminology incorrectly - I find it best to help others understand these words when we display our analysis images. I would of reworded it to: Weekly Extreme Level Activated. (Where the pin came back to collect the orders)Since your terminology / Analysis was correct when you termed it that phrase.
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price now 1.1444 I will be closing the long that I opened at 1.1380 & 1.1350 with decent profit I will rebuy again if it drop between 1.1350 to 1.1380 and my targets area the same no changes 1.1700 to 1.2000
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If I may make a suggestion?
To allow the brain to really focus.. I'd concentrate on the most recent areas to place trendlines... once they are broken and activated, its best to remove them to the new fresh levels. This way, you'll know where the price will lead to next.. having too many and spending too much time on the charts can lead to mistakes...
EX: placing a breakout trendline on high to lower high, once broken, price will come back to that line then take off back where it came (upwards/north)... once its broken it, it's rare it comes back there straight away as new levels are being made, this is when the trendlines should be moved to those levels - repeat and spin
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ooks to me...that we can see this zigzag transforming into a double.
the reason beyond it is that I see a too short wave a/i (pink wave) starting from the high.... with such a short one this can't reach the expected area of 1.1027
So I think we now could go down until around 1.1380-70 (a little higher then I expected yesterday) and then one more a push upwards...
until where.....well I need to follow that abc then.....but th max. retracement would be 1.1529 (85,4% retracement)... above would be rare
Attached Image
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hi all, how are you..
chart for today is showing sides ways with 40 - 90 pips.
i will add 2 pending order : take profit 80 stop 60
buy order today at : 1.6100
sell order today at : 1.6180
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indicators today : up
if price break above level :1.6180
the pair will go to :1.6250
and then go to level :1.6325
