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The Euro keeps firm tone and hits new five-week high in early European trading on Wednesday. Fresh bull-leg extends into third consecutive day and cracked pivotal barriers at 1.0830 zone, consisting of 100DMA (1.0823) / Fibo 61.8% of 1.0981/1.0601 downtrend (1.0836) and thin daily cloud (spanned between 1.0820 and 1.0838). Technical picture on daily chart […]

The post EUR/USD: At Five-Week High and Testing Key Resistance Zone Ahead of Release of US CPI Data appeared first on Action Forex.

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15/03/2024

Is USDCAD Poised for Another Bullish Round?

USDCAD brings key resistance in focus after rebound Technical signals are encouraging, but a bullish outlook expected above 1.3600 USDCAD made a strong comeback on Thursday, surpassing its simple moving averages (SMAs) and breaching the 1.3500 level after encountering fresh buying around the familiar long-term line from November 2022. The 50% Fibonacci retracement of the […]
05/08/2024

EUR/GBP: Overbought Conditions Warn of Correction of Steep Three-Day Rally

EUR/GBP – strong three day rally (the cross was up 2.1%) started to lose traction after hitting fresh high of nearly three months on Monday (0.8596). Overbought daily studies warn of partial profit taking following steep ascend, which will mark positioning for fresh push higher. Broken 200DMA offers initial support at 0.8558), followed by more […]
23/08/2024

GBPUSD: Bullish Extension or Deeper Correction? Key Liquidity Zones

Bearish Corrective Scenario: Sell positions below 1.3130 with TP1 at 1.3103. Consider TP2: 1.3090, TP3: 1.3076, and TP4: 1.3057 only after a decisive break. Use a stop-loss (S.L.) above 1.3160 or at least 1% of account equity for intraday trades. Bullish Scenario: Buy positions after a pullback (with prior PAR* formation) above 1.3103 with TP1: […]