EUR/GBP continues trading within an uptrend. The pair has managed to break above 0.9000 (38.2% Fibonacci retracement of the March-April decline) which now acts as support.
EUR/USD: bulls loosened their grip
SELL 1.2225 SL 1.228 TP1 1.216 TP2 1.2045
BUY 1.2295 SL 1.224 TP1 1.237 TP2 1.2475
On the daily chart, EUR/USD keeps forming “Spike and reversal with acceleration”. Bears count on the continuation of the decline toward an interim target at 78.6% of the “Bat” pattern. Never the less, the pair is for now above support at 1.2015-1.2045, and bulls are in control of the situation.
On H1, after having formed a widening wedge EUR/USD went to the 3-week and formed a short-term consolidation range of 1.2225-1.2295.
EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.
EUR/JPY reversed down at the 200-week MA around 124.45. The pair became really overbought and formed a reversal pattern on the D1.
Risk-on pushed stocks and riskier currencies upward.
It’s simply the question of time before gold price gets to the higher levels…
Coronavirus and massive oil oversupply was a once-in-a-generation coincidence. Is the worst over?