The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
EUR/USD: bears hit the breaks
BUY 1.1840 SL 1.1785 TP1 1.1940 TP2 1.2055 TP3 1.2175
SELL 1.1775 SL 1.1830 TP1 1.1690 TP2 1.16650 TP3 1.1550
On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern. On the other hand, successful test of the lower border of an inside bar will allow bears to continue moving south.
On H1, EUR/USD bulls managed to bring the pair out of the descending trend channel but to counterattack, they need to push the price above the resistance at 1.1840.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...