Will EUR/USD reach 1.17?

Will EUR/USD reach 1.17?


BUY 1.1540

SL 1.1485

TP1 1.1640 TP2 1.1695 TP3 1.1755

On the daily chart, EUR/USD bulls are trying to keep the pair above 1.1445 (50% of the long-term bullish wave). If they succeed, the pair will get a chance to form a senior “Shark” pattern. On the other hand, a break of support and the following decline to August low will trigger AB=CD with the target at 200%.

EURUSD daily.png 

On H1, if EUR/USD exits the downtrend channel and tests resistance at 1.1540, bulls will be able to counterattack and form “Three Indians” pattern and the “Shark”.

EURUSD h1.png


XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

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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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