Correction movement before upward trend continues, strong resistance at 1.1490/1.1500. Focus turn to ECB monetary policy decision on Thursday.
GBP/USD finally found some resistance at 1.3110
and bounced off from that level after forming a shooting star
candlestick on the four-hour time-frame. Next target is likely at
EUR/USD finally broke out above 1.1490. The move to the upside continues and the pair will likely reach 1.1600.
EUR/USD bounced off from 1.1480 today and finally broke out above 1.1600 due to the fundamentals. Next target will likely be around 1.1700.
GBP/USD bounced off from 1.2930 after forming a
spinning top candlestick on the four-hour time-frame at that level and
it will likely test 1.3000 next, which from a support will have become a
EUR/USD almost reached 1.1700 today. The pair is unlikely to break out above that level today before the market
closes, not to mention that there is a distinct shooting star
candlestick on the four-hour time-frame that is a signal for a likely
retracement to the downside.
The Euro strengthened a lot this week. I expect resistance at 1.1716.
Gbp/Usd seems limited to 1.3020/30 zone, continues showing no clear directional strength.
Eur/Usd risk remains on the upside, immediate support at 1.1685, break above lead to 1.17 area. Very busy week ahead of us, Existing home sales on Monday, FOMC meeting on Wednesday, New home sales on Wednesday and Initial jobless claims on Thursday.
EUR/USD found some resistance at 1.1680 and bounced off from that level, forming a pair of shooting star candlesticks, a doji and a hanging man candlestick on the four-hour time-frame. The first target to the downside is likely 1.1600.