Bullish: Currently we are at 0.8452 just outside the range. We have divergence on the 60 min chart forecasting a move back in the range. Above the 0.214 Fibo look for the 0.500 Fibo @ 0.8510. The average daily true range (ATR) for the pair currently is 54 Pips. WATCH THE USDX for more clues.
Waiting: Currently we are at 1.8847 in a channel. A reaction at the channel wall down would Target the 0.786 Fibo @ 1.8754. A breakout, look for the 0.382 Fibo @ 1.3233. The average daily true range (ATR) for the pair currently is 105 Pips. WATCH THE USDX for more clues.
Note: USDX: Bullish: We are anticipating the continuation of dollar strength after the Wedge break. We have convergence on the 60 min chart (see inset) which is bullish for now. Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are roughly the same as last week except the GPBUSD (big drop). BE SMART - TRADE WITH STOPS!!!!
NOTE: Martin Luther King Holiday in the USA – Banks are closed
Bearish: Currently we are at 1.8847 in a channel. A continuation below 1.8839 would Target the ATR @ 1.8781 area with a later continuation to the 0.786 Fibo @ 1.8754. The average daily true range (ATR) for the pair currently is 134 Pips. WATCH THE USDX for more clues.
Bullish: Currently we are at 1.0433 in a channel. A continuation above 1.0450 would Target the ATR @ 1.0508 area. Watch the 2 set of tops. The average daily true range (ATR) for the pair currently is 99 Pips. WATCH THE USDX for more clues.
Bullish: Currently we are at 1.0433 in a channel. A continuation above 1.0450 would Target the ATR @ 1.0508 area. Watch the 2 set of tops. The average daily true range (ATR) for the pair currently is 99 Pips. WATCH THE USDX for more clues.
Bullish: Currently we are at 0.8577 in a possible 3rd wave of still in a range. A continuation above 0.8600 would confirm the wave and Target the R4 @ 0.9700 area. A reaction down @ 0.8600 confirms the range and would target a move back to the 0.8470 area. The average daily true range (ATR) for the pair currently is 61 Pips. WATCH THE USDX for more clues.
Note: USDX: Bullish: We are anticipating a pullback here and then the continuation of dollar strength after the bounce on the bottom. We have divergence on the 60 min chart (see inset) which is bearish for now.
EURGBP: back in the range?
Bullish: Currently we are at 0.8452 just outside the range. We have divergence on the 60 min chart forecasting a move back in the range. Above the 0.214 Fibo look for the 0.500 Fibo @ 0.8510. The average daily true range (ATR) for the pair currently is 54 Pips. WATCH THE USDX for more clues.