Hey, traders.
There was big movement on the chart from yester day. Hope you guys had chances for good trades.
The movement on the chart, these days, was because of BOE.
Let's check what it was and how the price moved.
We can see
1. the price breaking through the bottom of the descending channel.
2. the descending channel had been extended.
3. bottom price is on 0.91000 (not on the chart)
We should check
Thursday - US GDP (QoQ) (Q2), Canada GDP (MoM) (Jul)
Friday - Britain GDP (QoQ), Core PCE Price Index (YoY) (Aug)
We can expect
1. the price keep falling to 0.91000 which is bottom price of the extended descending channel.
2. second rebounding by support on 0.94000 for short.
3. jump up by support on 0.91000.
4. rebound by support on 0.95500 to 0.99000 (this is unexpected movement)
Because BOE buys bonds, the price of Euro went up. But, this looks like short-term.
Still, we have Fed's monetary policy and Russia-Ukraine war for bearish market.
I'm expecting the price keep dropping til 0.91000 if there is no unexpected event. (There can be rebounding for short though)
Let's see how the market moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
There was big movement on the chart from yester day. Hope you guys had chances for good trades.
The movement on the chart, these days, was because of BOE.
Let's check what it was and how the price moved.
We can see
1. the price breaking through the bottom of the descending channel.
2. the descending channel had been extended.
3. bottom price is on 0.91000 (not on the chart)
We should check
Thursday - US GDP (QoQ) (Q2), Canada GDP (MoM) (Jul)
Friday - Britain GDP (QoQ), Core PCE Price Index (YoY) (Aug)
We can expect
1. the price keep falling to 0.91000 which is bottom price of the extended descending channel.
2. second rebounding by support on 0.94000 for short.
3. jump up by support on 0.91000.
4. rebound by support on 0.95500 to 0.99000 (this is unexpected movement)
Because BOE buys bonds, the price of Euro went up. But, this looks like short-term.
Still, we have Fed's monetary policy and Russia-Ukraine war for bearish market.
I'm expecting the price keep dropping til 0.91000 if there is no unexpected event. (There can be rebounding for short though)
Let's see how the market moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
