EOW #28 market overview
It was week full of action. This created very interesting situations on higher time frames. Let’s have a look.
First, we have EUR/USD which managed to break above 100 SMA (important resistance) and now is going up strong. It is near to the resistance line and 200 SMA. So two important resistance leveles are near. If euro can go above them then we may see some stronger move up.
GBP/USD continue correction up. We can see on monthly chart that 1.35 is a strong resistance level:
It is still 400 pips away so bulls may want to keep it going up. For now we can find some good setups like this one Fibonacci on daily:
Similar to EUR/USD, right below important resistance levels. What is more interesting that we can spot massive ABC pattern on daily chart. If GBP/JPY can go above marked resistance then we may see some bigger move up to one of the extension lines.
This pair looks very interesting. Right now it is exactly at very important resistance line. If it can go higher we will have a breakout from triangle:
Similar situation is on other pairs. It is possible that this summer will be very interesting.