Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/GBP on the way to consolidate above 0.9100
2019-11-11 • Updated
EUR/GBP has made a successful rebound in demand zone at 50% (0.9004) and it’s now heading towards the 0.9125 level, at which is located the -23.6% Fibonacci retracement level. So far, the 200 SMA is setting the tone and providing the path that the pair can follow in the short-term. To invalidate this bullish scenario, EUR/GBP needs to break below the 0.8979 level, where is the 65% and it could open the doors for a testing of the 0.8957 area (78.6% Fibo zone).
RSI indicator still hovers around the 50 level, calling for a sideways structure in the short-term.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.