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 will go down
2019-11-11 • Updated
TP1 0.8745 TP2 0.8645 TP3 0.833
On the daily chart, if EUR/GBP falls to September low and breaks below the middle of the 0.87-0.902 channel will trigger a “Shakeout-Fakeout” pattern. As a result, there will be potential for further decline to 161.8% of the junior and senior AB=CD.
On H1, the inability of EUR/GBP bulls to keep the pair outside of the downtrend channel points at their weakness. Bears are trying to seize the initiative and keep the correction towards 78.6% and 88.6%.
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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