EUR/GBP: bears seized the initiative

EUR/GBP: bears seized the initiative


SELL 0.8820

SL 0.8875

TP1 0.8745 TP2 0.8715

On the daily chart, EUR/GBP keeps consolidating in line with the “Spike and ledge” pattern on the basis of 1-2-3. The attempt of the bulls to hold at 0.8925 targeting 161.8% of the junior AB=CD failed. As a result, bears seized the initiative.


On H1, EUR/GBP reached the target of the “Widening wedge”. A break of support at 0.8820 will increase the risks of a “Shark” pattern with a target at 88.6%. The nearest resistance is near 0.8875.



USD/CAD: the fights around 1.28

A successful test of the lower border of the 1.2730-1.2920 consolidation range with the following renewal of May high opens the way up to 127.2% target of AB=CD.

Gold is moving in channels

Recommendation: SELL 1311 SL 1326 TP1 1281 TP2 1272 TP3 1250 SELL 1280 SL 1295 TP1 1250 TP2 1244 On the daily chart of USD/XAU, bulls have to break resistance at 1302…

USD/JPY: the Dollar reached 111.50

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are reached the main daily resistance on 111.50 and the market is overbought now.



Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

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