During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
EUR/GBP: euro looks stronger
2019-11-11 • Updated
Trade idea
BUY 0.8740; TP 0.8780; SL 0.8720
The euro is steadily strengthening versus the British pound. A week ago EUR/GBP formed a "bullish engulfing" pattern as it rebounded from nearly 2019 lows. Yesterday it closed above 100-day MA and 38.2% Fibo retracement of this year’s decline.
The euro is up on the news that the US would delay its decision about imposing tariffs on EU cars, while the pound is pressured by a continued impasse in Brexit talks between the UK’s major political parties.
It seems that EUR/GBP has finally broken out of the range within which it was trading in March and April. Support will now be in the 0.8710/0.8690 area. The way up implies an advance to 0.8785 (50% Fibo and the 200-day MA nearby). In the absence of overly negative news from the euro area, an advance to 0.8860 (61.8% Fibo) will also be possible.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone