Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
How much will EUR/GBP fall?
TP1 0.8845 TP2 0.8785 TP3 0.8745
On the daily chart of EUR/GBP, the price returned to the long-term trading range between 0.87 and 0.902. The inability of bulls to hold the price above the resistance level at 0.902 shows their weakness and increases the risks of appearing “Shakeout-Fakeout” pattern. The pair should return to the middle of the consolidation range to make this scenario possible. The break of its lower limit will lead the price downwards the target at 161.8% on AB=CD.
On the H1 chart, if EUR/GBP returns towards 38.2% and 50% from the AD wave of the pattern “Batterfly”, open short positions.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
AUD/USD that has settled below the 100-day MA in the 0.6840 area. Learn more!
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.