As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=136.55.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=136.35.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
We see a bounce on good data earlier today, however the ECB remain keen to follow their dovish outlook on the EUR. We smell a rate cut in 2019!
Lets see what Draghi has to say at this evenings annual conference in Sintra!
Eyes still on Wednesday's FOMC meeting!
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As you can see by the graph, EURGBP has hit a consistent resistance around the 0.8911 mark. This is indicating that the pairing will drop to the 0.885 support and either break through to 0.8858 and beyond or rebound back to the resistance at 0.8911. This trade can be seen on H1 and H4 timescales so should be easy profit within the next couple of days.
Looking for a rejection of the support level along with a retest of this level. After this, we will look to go long to the previous resistance level. Look to the 4H and 1H for entry (retest). If there is a breakout below the support level, the trade will become invalid. Hope this helps!
After a brief jump to the highest levels since April 2018, gold prices turned negative on the day and finished the week up by just 0.05% as a result of a reversal. On Monday, the bullion remains under pressure as traders continue to digest strong US retail sales data that lifted the dollar nearly across the board.
A spectacular retail sales report made...
A double top formation seems to be forming, so I will be looking for reversal patterns to form around the 61.8-78.6 region before going Short or even a break of the 2hr CTL. The previous setup was invalidated as there was no reversal pattern. Keep an eye out on the DXY.