EURUSD GBPUSD Long Potential:
Yesterday the US Fed increased interest rates by 0.75% adding fundamental strength to the US dollar longer term. US stock indexes and cryptocurrency can see fundamental weakness going forward longer term. In other economic news Europe recently showed inflated CPI data both from an expected and previous data standpoint, CPI (YoY) (Oct) Actual: 10.7% Forecast: 10.2% Previous: 9.9%, this can aid the fundamental strength of the Euro.
Great Britian reported its Manufacturing PMI (Oct) Actual: 46.2 Forecast: 45.8 Previous: 48.4, also its
Composite PMI (Oct),
Actual: 48.2 Forecast: 47.2 Previous: 49.1, and
Services PMI (Oct),
Actual: 48.8 Forecast: 47.5 Previous: 50.0, all exhibiting slight strength in the pound sterling.
Technically from a 4 hour perspective both the EURUSD and GBPUSD exchange pairs have been oversold on the RSI, and have now left oversold towards neutral. They have both had a major sell off mostly due to fundamental strength in the US dollar and now there may be an opportunity for a shorter term long trade (maybe a few days). Both have seen retracements to the lower bollinger band and the MACD has started to show bullish momentum on the histogram. Furthermore all while the MACD line moves closer to the signal line. Both pairs also trade below the 10 day SMA. The Nasdaq100 and S&P500 stock indexes see much similar technicals after the sell off and can see short term bullish strength. I will be watching for a long buy soon. $EUR/USD $GBP/USD
Ilyas Khan Top1 Markets
Yesterday the US Fed increased interest rates by 0.75% adding fundamental strength to the US dollar longer term. US stock indexes and cryptocurrency can see fundamental weakness going forward longer term. In other economic news Europe recently showed inflated CPI data both from an expected and previous data standpoint, CPI (YoY) (Oct) Actual: 10.7% Forecast: 10.2% Previous: 9.9%, this can aid the fundamental strength of the Euro.
Great Britian reported its Manufacturing PMI (Oct) Actual: 46.2 Forecast: 45.8 Previous: 48.4, also its
Composite PMI (Oct),
Actual: 48.2 Forecast: 47.2 Previous: 49.1, and
Services PMI (Oct),
Actual: 48.8 Forecast: 47.5 Previous: 50.0, all exhibiting slight strength in the pound sterling.
Technically from a 4 hour perspective both the EURUSD and GBPUSD exchange pairs have been oversold on the RSI, and have now left oversold towards neutral. They have both had a major sell off mostly due to fundamental strength in the US dollar and now there may be an opportunity for a shorter term long trade (maybe a few days). Both have seen retracements to the lower bollinger band and the MACD has started to show bullish momentum on the histogram. Furthermore all while the MACD line moves closer to the signal line. Both pairs also trade below the 10 day SMA. The Nasdaq100 and S&P500 stock indexes see much similar technicals after the sell off and can see short term bullish strength. I will be watching for a long buy soon. $EUR/USD $GBP/USD
Ilyas Khan Top1 Markets