Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals.
EUR/GBP: a short-term idea
2020-01-13 • Updated
EUR/GBP formed a candlestick with a long lower wick on the MN chart – a sign of reversal to the upside. On the W1, two attempts to test lower levels ended by the ultimate failure of sellers. The pair went above the December-January resistance line in the 0.8517 area. The price action resembles the harmonic “butterfly” pattern. It means that the price will likely rise to the 0.8570/90 area before it meets resistance and starts declining. We favor buying as long as EUR/GBP is above 0.8525 with target at 0.8565/70. When the pair gets up to 0.8570/90, we’ll look for selling opportunities.
BUY 0.8540/30; TP 0.8565; SL 0.8525/15
The dollar was down on Wednesday morning in Asia, despite caution over the new B.1.1.7 strain of the COVID-19 virus pushing investors turn toward safe-haven assets.
US stocks are set to extend Monday’s losses when markets open later, as concern about the spread of lockdown measures to tackle the pandemic returns to haunt cyclical stocks.
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