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Daily Market Report –EUR/GBP bulls in control July 20, 2017

By Mexgroup.com

EUR/GBP further increase expected

The price increased significantly in the yesterday’s session and climbed much above the 0.8948 previous high, should increase further because is trading inside the buyers territory. Has rallied aggressively after a false breakdown on Monday.

The Euro increased significantly versus all its rivals and could climb towards fresh new highs despite the dovish ECB. As you already know, the European Central Bank maintained the interest rate at the 0.00% historical minimum, but we may have another QE next year.

21EURGBP

EUR/GBP jumped much higher after the false breakdown below the median line (ML) of the major ascending pitchfork, I’ve said in the previous analysis that will jump much higher if will stabilize above the 100% Fibonacci level and above the second warning line (wl2) of the minor descending pitchfork.

The next upside target will be at the 50% Fibonacci line (ascending dotted line), but most likely will approach the upper median line (UML) of the of the ascending pitchfork.

The Cable dropped also versus the USD even if the Retail Sales have increased by 0.6% in June, more versus the 0.4% estimate.

Price is strongly bullish on the short term, technically should approach also the 0.9226 static resistance, where he may find strong resistance again.

Could move sideways between the 0.9226 and the 76.4% retracement level in the upcoming months because I don’t believe that will have enough energy to  breakout from this range and to make a larger move.

EUR/CHF another breakout attempt

Price increased sharply in the yesterday’s session and erased the last day’s losses, looks determined to reach new highs, but is facing a tough resistance on the Daily chart.

Maintains a bullish perspective on the Daily chart despite the last day’s minor correction, will climb much higher is will stay above the 1.1050 psychological level.

20EURCHF

Price jumped above the upper median line (UML) of the major ascending pitchfork, a valid breakout will signal a further increase. Only a false breakout will send the rate down again, the perspective remains bullish as long is trading within the minor ascending pitchfork’s body because a breakdown will signal a broader drop.

Brent Oil in the buyers territory

20Brent Oil

Price slips lower after the aggressive breakout above the 50% retracement level, could come down to retest the static support (resistance turned in support). We may have a buying opportunity if will retest the 50% level, the next upside target will be at the sliding line (descending dotted line).

By Olimpiu Tuns

Market Analyst

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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