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The price of EURGBP, on a weekly basis has broke the trend line. This increases the probability for a new impulse to start.
The EURO fell against the pound and hit the second target.
EURGBP has drawn a Pennant. A break below 0.7990 would confirm the pattern and signal a continuation of the down move, while a break above 0.8025 would signal a pullback to 0.8050.
The first support was hit by EURGBP.
On a 4 hours time frame, some more bearish details appear. A broken trend line (3) and a negative divergence might signal a first drop towards 0.8000.
The price of EURGBP has reached a strong resistance area.The combination between the main trend's line, 61.8 Fibo retrace and 0.8100 round number, could end up being a reversal area for the price of this pair.
EURUSD reached a key resistance area. I believe that the Rising Wedge with the apex right at the resistance could announce the beginning of a bigger corrective move.
Gold is testing the uptrend's line. Will the price bounce back and head towards 1200 dollars per ounce, or break below and retest 1165 level. I would rather go with a break and a $10 plunge.
EURUSD bounced back before hitting 1.1500. Now is testing a local trend line, but I am expecting it to not hold bears pressure. I am expecting the price to continue dropping towards the 61.8 Fibonacci retracement before another rally.
The price of GBPUSD is correcting, for the moment it reached the trend line. I will be waiting for bullish signals to buy the pound in the areas I've drawn on the chart.
The price of EURUSD finally broke the upper line of the Descending Triangle. I am expecting a drop, confirming the ascending channel, but the general direction on medium term is still up.
EURUSD changed its main direction, not only for today, but I believe for this entire month. This NFP release just gave Fed reasons to push the hike to November, or more likely to 2016.
I have seen this idea already posted, I am also doing it because I believe it could happen.
In my previous analysis I was saying about some bullish signals. All were invalidated by the dip triggered after the ADP release (200k, above expectations). Now the price reached the PRZ of a Cypher pattern. A bounce from here could send the price back towards 1128/30 dollars per ounce.
The price of EURUSD broke support after the ADP release, Next local support found at 1.1175. Breaking below it could send the price down to the trend line (blue one on the char).
False break below support area, possible hammer, positive divergence on the 14 RSI, Falling Wedge - these are some bullish signals which might announce a rally for gold. The probability for an up move to start will increase once the upper line of the wedge is broken. First target for a rally would be the 38.2 Fibo level. I will consider this idea invalidated if ...
EURUSD traded during the Asian session below 1.1270 resistance. My idea was that it will continue towards 1.1290. At this point I would revise this view. A close of this hour, before the London opening, below the up trend line would signal a bearish move which could end up testing 1.1200 area.
GOLD is rallying. It might end up retesting the up trend line. There it will find a good resistance area which might push the price back towards 1128.00.