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EUR-USD
Weekly chart
Last weekly review
The last weekly candle has checked again whether the 1.2290 level can change its position from a support to resistance, it looks like it did, after the closure of the last candle with strong red color, it is possible to assume that the chance for a continuation of the downtrend is raising. The first target of the price will be between the 1.1800 and the 1.1900 price levels, which is the “Head and Shoulders” pattern target.
Current review for today
The last candle is a reversal candle which is called “Engulfing” (a candle that completely covers its previous), while in addition to that, it closed above the 1.2290 price level which is used as a support level at the moment. Another green candle will approve the reversal of the trend and it is possible to see an ascending move for a correction of the last trend which started around the 1.3500 price level, this correction will probably be in size of between a third and two thirds by Fibonacci retracement. On the other hand, in case the price will go back under the 1.2290 price level, it will be possible to assume that it will continue its movement towards the 1.1877 price level, the “Head and shoulders” pattern target (red lines).
You can see the chart below:
Daily chart
Last weekly review
It is possible to see that there were few attempts to breach the 1.2290 or to check if this level can be used as a resistance after being a support, at this moment it looks that the price did continue downwards while its closest target is the 1.2122 price level, which is the “One in, one out” pattern target (red broken line). Breaking of this level in a proven way will probably lead the price towards its weekly chart target on the 1.1877 price level. Stoppage at this area will indicate that we might see a correction of the last downtrend from the 1.2692 price level in size of between a third and two thirds.
Current review for today
Indeed the price has reached the “One in, one out” pattern target (red broken lines), while at the same time it is possible to notice the creation of the “Wolfe waves” pattern (brown background) and the price has reached its target (crossing of the price with the line connecting between points 1 and 4) on the last 3 trading days, currently the price is located exactly on this target. In addition, the price has corrected the last downtrend which started on the 1.2692 price level by 50%. Breaking of the 1.2050 price level will probably continue the mentioned uptrend and suppose to lead it to a crossing with the upper Bollinger band.
You can see the chart below:
GBP-USD
Weekly chart
Last weekly review
The current candle has closed while it is in the area of the last previous candles, this means that the price is ranging between the 1.5450 and the 1.5770 price levels for six weeks. At the moment the price is located under to Bollinger’s moving average (bearish market) while the breaking of the 1.5450 price level and closure of the candle under this level will indicate that the price will fall at first stage to the 1.5270 support level. On the other hand, breaching of the 1.5780 price levels will probably lead the price to the next resistance on the 1.6170 price level.
Current review for today
The price has reached the upper ranging level at the 1.5778 price level, breaching it will sign the breaching of the “One in, one out” neckline (blue broken line), while the target of this pattern is exactly the next resistance on the 1.6170 price level, on the other hand, stoppage of the price at the current area will probably continue the ranging period between the 1.5454 and the 1.5778 price levels, while only breaking of the lower ranging level is suppose to lead the price the strong support on the 1.5270 price level.
You can see the chart below:
Daily chart
Last weekly review
It is possible to see the range creation between the 1.5400 and the 1.5740 price levels, while the price is located in the middle of this range. Breaching of the 1.5784 price level will probably continue the uptrend towards the 1.5906 price level, this is a 61.8% Fibonacci correction level of the downtrend marked in red broken line. On the other hand, breaking of the 1.5400 price level will probably lead the price towards the last low on the 1.5268 price level.
Current review for today
The price is currently located exactly on the 1.5737 resistance level while it is used as the neckline of the “One in, one out” pattern (blue broken lines) while proven breaking of this level will sign that the price will probably climb at first stage to the pattern target on the 1.6015 price level. On the other hand, stoppage of the price at the current area will probably sign that the price will keep on ranging between the 1.5400 and the 1.5737 price levels.
You can see the chart below:
