Poor FX Market Conditions Persist But There Is A Glimmer Of Hope
MaiMarFX | Nov 09, 2017 05:58AM ET
Not much has happened in the Forex market on Wednesday with volatility still at low levels. The price action in the EUR/USD has almost come to a halt with the currency pair stuck in a tight trading range of only 32 pips.
The technical picture in the GBP/USD is, however, somewhat different with the pair being exposed to greater volatility. The cable slid to a daily low of 1.3086 before it recovered most of the losses and rose back towards 1.3140. Our yesterday’s short entry at 1.3140 has thus proved profitable.
And once again we have no major economic reports scheduled for release today so the sluggish price development could also continue into the latter part of the week.
However, there is some slight gleam of hope when we look at the technical picture in both EUR/USD and GBP/USD.
EUR/USD
Since prices narrowed the currency pair may now format interesting price patterns which point to potential breakouts in the near-term. We see a symmetrical triangle in the 4-hour chart which could indicate upcoming momentum, either for the bulls if the euro rises above 1.1605 or for the bears if the euro falls below 1.1585. Let’s be surprised.
GBP/USD
After a double-top-pattern has sent the cable tumbling we now focus on a potential triangle which could predict profitable breakouts if the cable breaks either above 1.3170 or below 1.3090.
Here are our daily signal alerts:
EUR/USD
Long at 1.1630 SL 25 TP 20, 40
Short at 1.1570 SL 25 TP 40-50
GBP/USD
Long at 1.3165 SL 25 TP 30, 60
Short at 1.3085 SL 25 TP 20, 40
We wish you good trades and many pips!
Disclaimer: Any and all liability of the author is excluded.
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