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The GBP/USD is flirting with levels last seen in 2016, before the EU Referendum. The pair may not run too fast as the next resistance levels may be old, but they are close. GBP/USD Current Situation The GBP/USD is trading around $1.4330, very close to the January 25th highs of $1.4345. Beyond this level, we [...]
The post GBP/USD is returning to pre-Brexit levels – lines to watch appeared first on Forex Crunch.
The EUR/USD holds onto its gains after the US released a mixed bag of Retail Sales data Headline sales rose by 0.6%, better than expected, but the Control Group was not that great. The US Dollar was on the back foot ahead of the publication and the picture has not changed. US Retail Sales rose [...]
The post US Retail Sales are only OK – EUR/USD can continue higher appeared first on Forex Crunch.
EURJPY had a strong Bullish wave on the H4 chart. The price seems to have found a strong level of Resistance, thus it might be the time for a pair to make a journey towards the South. Today the first H4 candle came out as a Spinning Top. The next one came out as a strong Bearish candle, which made a breakout at a significant level of support as well. Thus, we might get a short opportunity later today. Let us have a look at the H4 EURJPY chart.
EURJPY Price Action Analysis – 16th April 2018
The level of 132.410 got broken by today’s second H4 candle. If the current H4 candle is held at the breakout level, then the sellers are going to wait for an H1 Bearish Engulfing Candle to take the sell entry. Let us have a look at the summary of the trade…
After a breakout, retracement or correction takes place. A correction is slower than the breakout candle’s pace. This usually ends up producing an inside bar. We are expecting an H4 inside bar as well as an H1 Bearish Engulfing Candle at the breakout level to take the entry. The signal might come within this H4 candle, or on the next, but at least the current H4 candle has to be smaller candle (Bullish) than the breakout candle. This is what correction is all about. We the traders must remember that retracement or correction is as important as the breakout.
EURJPY Price Action Analysis – 16th April 2018
The post EURJPY Price Action Analysis – 16th April 2018 appeared first on Advanced Forex Strategies.