- GBP looks weak vs USD and other pairs (IMO)
- RSI is low and meets our entry cretaria (with the fibs)
- Price is at the 38.2 / 30 support zone and already rejected it once
- The bearish trend is loosing steam!
Everything clear on the chart.
The daily confirmation is formed by an engulfing candlestick formation.
If the price can cross the first target which is intersected with the black trend line, we can expect continued upward movement towards the second target.
Following Biden's win earlier today It seems like the DXY will extend it's losses further and as a result more demand for the safe haven Gold . Price is breaking out the bearish trend forming a double bottom at 1850. This week Gold will make some big moves so be prepared!
Seeing lots of choppy price action around the current region. My bias for now remains Long as I believe we can be rejecting this psychological level of 124.
Aiming for a long up to the 4 Hour resistance where take profit will be placed.
This analysis for EURUSD on time frame 4 Hours.
As we can see DXY already do Bearish Tweezers Candlestick . That mean EURUSD will be rise and DXY will be falling.
I HAVE 2 OPTION FOR BUY AND SELL
1. You can entry BUY when the Market open or wait TURNING POINT OR RESISTANCE ZONE Breakout than you entry BUY.
2. SELL when price Pullback at TURNING POINT ZONE , if...
The euro started at around 1.08 on a weekly demand level and reached around 1.14 on a weekly basis. At the end of this week's trading, the price was able to break the upward trend line with 2 daily falling candles. In the current situation, the beginning of a downward channel for the euro can be considered that the price can drop to 1.11 in it.
As we can see from the chart, a very neat and tidy S&R Model here. The resistance line also conveniently sits at the 100.0 fib retracement so if it is properly broken there is potenital for 2900 pips til the next level @ 161.8
alternatively if the restistance proves too much we have a strong support line to watch out for. judging by the depth of market this would...
USD strength against the CAD is expected to end at 1.41500 - 1.42000 region to form a CYPHER pattern . Candle confirmation should be expected at the price region for good entry. A break above 1.42000 automatically converts the pattern to a SHARK pattern.