EUR/USD: 'Shooting Star' and 'Engulfing' still in place

EUR/USD: 'Shooting Star' and 'Engulfing' still in place


The last bearish 'Shooting Star' and 'Engulfing' patterns are still in place, so the market is declining. However, we could have a local correction in the short term. So, if a pullback from the 34 Moving Average happens little later on, there'll be a moment for a decline towards 1.1499.


There's a bullish 'Engulfing', which has been confirmed enough. In this case, the pair is likely going to test the nearest resistance at 1.1591. If a pullback from this level happens afterwards, there'll be a moment to have a decline in the direction of the next support at 1.1499.



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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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