The Cable made further advances yesterday and over night to reach just shy of the R3 weekly pivot at 1.6125. This week has seen a 300 pip move from bottom to top. We are finally showing some bearish divergence on the 4 hour chart however today being Friday we may see things setup for next week. If we do see further advances today look for 1.6170 and 1.6184 as areas of Resistance. We could see price just bounce though between R2 and R3 pivots.
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The daily chart has reached into overbought territory on my indicators, however, my indicators are following price quite nicely and don't show signs of divergence.
In the news today we have IMF and G20 meetings all day. These are considered medium impact news events but these kinds of meetings can cause the market to react substantially.
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The daily chart has reached into overbought territory on my indicators, however, my indicators are following price quite nicely and don't show signs of divergence.
In the news today we have IMF and G20 meetings all day. These are considered medium impact news events but these kinds of meetings can cause the market to react substantially.
This morning I am looking at the EUR/USD 1 hour chart. It is in a winning streak for the Bulls since the 15th of this month. My system tells me that the trend is losing steam and that we could expect either a pullback or a new direction. Then we have the USD news today, possible high impact. If we take all this factors in consideration, then I think we could expect a movement to the Bears side. This could be a nice 40 plus pips down to the target line of 1.31500. If the target is not reached before the closing of the markets for the weekend, I would get out. Always stay alert and never drop your guard.
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Remember, trade with your head and not your "gutfeel".
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Remember, trade with your head and not your "gutfeel".
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