2019-11-11 • Updated
Recommendation:
SELL 0.9005
SL 0.9060
TP1 0.8945 TP2 0.8900 TP3 0.8850
On the daily chart, the inability of bulls to make EUR/GBP settle above the upper border of the 0.8700-0.9020 consolidation range points at their weakness. If bears manage to return the pair to its middle, a “Shakeout-Fakeout” pattern will be triggered. As a result, the risks of reversal of the current trend will increase.
On H1, EUR/GBP reached the targets of “Three Indians” near the convergence level (127.2% target of AB=CD). Bears seized the initiative, so there’s sense to use breaks or pullbacks from resistance levels for selling the pair.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Discover why FBS reduced the GBPCAD spread and what to do next!
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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