Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
EURUSD is rebounding from the cloud’s upside border at 1.0897; bears have failed to fix the price below the support area at 1.0805. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.0855 and then resume moving upwards to reach 1.1095. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.0780. In this case, the pair may continue falling towards 1.0690. Also, there is a potential for the formation of an upside-down Head & Shoulders reversal pattern with the target at 1.1065. While forming the pattern, the asset may fall to test 1.0820 and complete the pattern’s right “shoulder” there.
BRENT
Brent is still testing Tenkan-Sen and Kijun-Sen at 108.10. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 105.45 and then resume moving upwards to reach 120.65. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 100.00. In this case, the pair may continue falling towards 90.00. To confirm a further uptrend, the price must break the descending channel’s upside border and fix above 109.55.
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GBPUSD, “Great Britain Pound vs US Dollar”
Having rebounded from the support level, GBPUSD is growing at 1.3079; the daily chart has the potential for the completion of a Double Bottom reversal pattern. To complete the pattern, the price must break 1.3155, and the pattern materialisation target will be at 1.3300. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3050 and then resume moving upwards to reach 1.3270. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3005. In this case, the pair may continue falling towards 1.2910. To confirm a further uptrend, the price must break the descending trendline and fix above 1.3115.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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