Fibre
Fibre On Correction To Re-test 1.10964 & 1.11070 Before A RallyEURUSD now on H4 correction while higher timeframe is still bullish. Price likely to re-test 1.0964 or below before making another attempt to rally. GBPUSD which is now bearish on daily is a major risk for EUR. In such case, there will be a risk reversal at a shallow level at 1.11569.
If Fibre is in an Extended Falling Wedge Then Reversal is Here..EURUSD has been in series of Lower-Highs and Lower-Lows on H4 after impulsive wave run to 1.11775. The pattern of the decline is much of corrective bullish falling wedge. Expecting bulls to start attacking the corrective wave from 1.10622 which is close to our expected profit target as shown in our Oct 22 post:
ORBEX:GBPUSD, EURUSD, USDCAD - Exit Or Extension? Trudeau Wins!In today’s #marketinsights video recording I analyse #GBPUSD, #EURUSD and #USDCAD!
Another failed Johnson attempt to get Parliamentarians to vote supports the #pound as now chances of an extension increase! Both an October exit (highly unlikely) or an extension could see mainly #pound and in a smaller degree #euro gain.
Meanwhile, in Canada Trudeau won the elections again! This is likely to weigh on technicals more as fiscals are going to remain unchanged..
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice
Fibre Keeps Hitting & Weakening this trendline...Everytime EURUSD touched the downtrend line, it keeps bouncing back. It has happened 4 times in the recent past on H4. One or two more time, the pair is likely to violate this trendline and commence another impulsive wave to the upside. However, the sentiment could change bearish if the uptrend line is broken and price can keep going down...
FREE SIGNAL BREAKDOWN!!! EURUSD We see a bounce on good data earlier today, however the ECB remain keen to follow their dovish outlook on the EUR. We smell a rate cut in 2019!
Lets see what Draghi has to say at this evenings annual conference in Sintra!
Eyes still on Wednesday's FOMC meeting!
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ST LongPrice has been moving in an overall Downtrend (Daily POV), putting in a Low at 1.11097.
On 4HR we can see Price failing to close below the Low, bouncing off a Demand area/4HR OB - possibly indicating a bit of upside/whether it's to retrace/ orto clear highs?
Continue observing whether Lows are being respected/Highs are being taken to support this.