On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
EUR/GBP is finally correcting
2019-11-11 • Updated
SELL 0.9230; TP1 0.9200; TP2 0.9160; SL 0.9245
EUR/GBP may be about to make a bigger downside correction. Weak economic figures released in the euro area on Wednesday showed that the single currency doesn’t deserve to rally that much even versus the weak pound.
The currency pair closed yesterday below the August support line and slipped below the weekly pivot point at 0.9250. On D1, the Awesome Oscillator started going down. On H1, the pair slipped below the 200-hour MA. The decline below 0.9230 will open the way down to 0.9200 and 0.9160. The next support is at 0.9110/00. The uptrend will resume if EUR/GBP returns above 0.9300.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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