Monthly chart: ADX is close to the point "30", wherein a main trend potential of price movement starts to be manifested. Thus, taking into account a new high reached by bulls, we assume that on completion of a descending swing, Euro uptrend will go on with the same target as earlier at 1.4260.
Weekly chart: closeness of two supportive points 1.3508 and 1.3298. One of them is supposed to provide a strong demand in European currency. Any break of uptrend can only be considered below 1.3107.
Daily chart: here we see a well-formed Over&Under, thus, a main plan would be a deep rollback to 1.3298. Entrance area into sales on this setup is 1.38.
Conclusion: main plan is touching of 1.3507, growth to 1.38 and further decline to 1.3298.
Alternative option is an even deeper rollback to 1.3107 (on the event of breaking 1.3298)
Monthly chart: here is a steadily ascending Bollinger envelopes with a main support on the medium band (1.5835). General target of growth of the Pound is 1.7042.
Weekly chart: as we see, the key support is based above on the medium Bollinger band (1.6030). Below there is an area of breaking of an ascending tendency and formation of reversal O&U (marked by red arrow). Thus, area 1.6030 is promising for middle-term long trades with Stop-Level established on a certain level.
Daily chart: an immense external bar is a strong correctional or even reversal predetermination. Thus, bulls will have to protect the level of 1.6267.
Conclusion: so, we witness rather serious prerequisites for a middle-term uptrend on monthly chart, but shorter frames demand correction. Thus, main scenario could be rollbacks to 1.6267 and 1.6030 (with further growth of pair to 1.7042). Alternative option will occur on breaking of 1.6030, further to which one can expect that decline to will continue.
Monthly chart: a bearish trend is still confirmed. Further there is a weak support 0.8636, beyond which a vacuum hollow in almost of 600 points for one more drop is opened.
Weekly chart: 0.8943 area provides an evident support with a threat of double bottom. But ADX does not believe on trend potential of upper movement, which confirms our thoughts from the month chart. A possible touch of a medium band (0.9215) we will wait for a descending front.
Daily chart: here rollback is witnessed.
Conclusion: there is almost no alternative to continuation of the pair's decline upon touching of 0.8973 either 0.9215. Target - 0.8636 and 0.8072
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us