ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendation: BUY 0.892 SL 0.8865 TP1 0.902 TP2 0.9055 TP3 0.9075
On a daily chart of EUR/GBP, bulls almost reached the target of the “Wolfe Waves” pattern. The rise of the pair towards the upper border of the 0.87-0.902 consolidation range and the 88.6% target of the “Shark” pattern is likely to continue.
On H1, the sellers could not hold the pair within the downward channel. It shows their weakness. If the pair breaks the resistance at 0.891-0.892, it will go upwards to the 88.6% and 261.8% targets of the “Shark” and AB=CD patterns.
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.
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.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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