Technical Outlook

Cable rises on Brexit news and pressures key barriers

Cable rose above 1.29 mark on weaker greenback after US data and the latest Brexit Party news and holding firmly above 20DMA (1.2872) that generates initial bullish signal. Fresh advance pressures pivotal barriers at 1.2920 zone (Fibo 61.8% of 1.3012/1.2768 / bear-trendline off 1.3012 peak / base of thin daily cloud), close above which would…
Read More...

Bears probe again below key Fibo support

The Euro returns below 1.10 handle in early American trading on Thursday, following mild reaction on US weekly jobless claims that rose to five-month high and temporarily deflated dollar. Fresh weakness pressures again key Fibo support at 1.0993 (61.8% of 1.0878/1.1179), cracked earlier today, with close below here to generate bearish signal for…
Read More...

Bears continue to gradually extend

The cross continues to move gradually lower after eventually breaking below the floor of month-long congestion and hit new low at 0.8550 (the lowest since 7 May). Strong bearish setup on daily/weekly chart studies signals further weakness, with strong supports at 0.8490/70 zone (Mar/May lows / monthly cloud top) coming in focus. The Euro showed…
Read More...