Possible correction of the trend, If price doesn't find support around the last two trading days highs, we could see this pair trade lower.
The USD looks poised to depreciate and retest the most recent / significant low. I would watch out for a triple top but this looks good if it breaks out of this consolidated range.
the price action looks bullish on the daily time frame. A correction of the last two weeks down trend is possible but it could be short lived. Watch out for price stalling at the support area from two weeks ago. Just before it broke down.
The pair has already exceeded its average monthly range. We can see a double bottom has formed recently. Expecting further upside as the pair has started to make higher highs and higher lows. View chart for price prediction.
Check the chart for price prediction.
Trade responsibly
Long term and short term support decreasing volume in downtrend, indicating less interest and activity for lower prices. Extreme volume at recent low indicates a possible bottom and a fake breakout. Possible "W" pattern forming. Trade from "c" to "D". Trade responsibly.
Go long at support. Fake break to the downside. Trade responsibly.
Completion of " W " pattern Buy around "C" and exit around "D" for around 75 pips profit potential. Stop loss, around 25 pips at 111.20. See chart and trade responsibly.
Refer to chart annotations. Trade has good risk to potential reward. Stops below the recent low and the profit target is just before the most recent swing high.
Potential double top, pin bar reversal on the daily candle. Short to the next support level.
Trading short because the market may repeat this previous pattern
The chart speaks for itself.
Short in the short term to the next support level at or around 0.9240 Get long and stay long in the medium to long term. I am expecting a clear break of 0.9550 at some point in the near future.
July's price action looks similar to some of April's. August might see the continuation play out. Preference is short. With targets at or around 0.8200 and 08000. Happy trading.
Britons voted to leave the EU They have not invoked article 50 yet to start a 2 year negotiation with Brussels on their divorce from the union - So, Britain is still a member of the EU. Therefor nothing has really changed yet. The Govenment resigns failing to convince voters to remain - A new government has just been sworn in. Recession is very likely, however...