As we can see on the chart, the price has been rejected two times already from the Resistance trendline near the 1.10 psychological number and heavy resistance as expected from the yesterday analysis.
What is seen on the chart now is that the price reached a region from where it pushed back up and if it holds above these long wicks the EUR/USD pair...
I see the price retracing to the area where yesterday I said that it could bounce back up. If this level holds the bearish pressure GBP/USD pair will head towards the inter-range resistance.
Wish you all a great day and be safe !
Good day everyone!
Rising wedges usually breaks to the downside as we can all see in this USD/JPY pair.
As it stands the US Dollar is getting weaker and I believe that the market could go as low as 107.000 to 106.750 range where we could see a push to the upside again towards the 110 range.
Wish you a great day in trading and be safe!
If this helped you in any...
Good day everyone!
On EUR/USD pair we see that the price has been rejected nicely from the downside since my last post at this particular level.
Now, the pair is heading towards the 1.10 major resistance level which was tested in the past several times and could not brake it.
Maybe with the depreciation of the US Dollar it will manage this time.
If it could get...
As the US Dollar is heading south, the GBP/USD pair is heading north with a lot of steam and volume from the bulls.
As shown on the chart, the bullish wedge resistance has been broken to the upside and the price continued to head North.
As we follow this trend, the next resistance would be at 1.24465 and if it manages to break through this level, the pair will...
I am just sharing my thoughts about EUR/USD pair and at this point price can go either way Up or Down.
As it is shown on the price chart we are exactly at the middle of the range where we found a support based on previous candles tops and several bottoms at this particular price level.
I personally am more inclined to think that the price will test...
From the perspective of Elliott Wave we are now in final Wave 5 of the Primary Wave 3.
The Primary Wave 3 could finish it's rally at the 1.66213 according to the Fibonacci extension at 1.618 region. This price resistance is also the resistance formed at 12 August 2019, so we have 2 confluent reasons so far to believe that the market will shift into...
I really believe that this is a bear flag and this is the final touch at the resistance trendline before we can see some downside movement in this pair and the Elliott Wave corrective pattern ABCDE is officially done for now and we should see 5 impulse waves to the downside.
If the price manages to brake the support trendline it will continue to fall even...
Official 5 waves are done now, so we might expect a correction to the downside with a ABC type of pattern from Elliott Wave.
I expect a 50% drop for the whole structure, so my target would be around the 110.266 area and the 0.5 fibonacci retracement region where we see many confluent reasons such as the top of wave 1 and the corrective wave 2.
We also see the...