Daily Market Report EUR/GBP Another Breakout Attempt October 11, 2017

EUR/GBP Bulls In Action

The currency pair rallies and tries to take out a strong dynamic resistance. We’ll see what will happen because this could be another false breakout. The Euro increased versus all its rivals, not only against the Cable. Price continues to pressure a strong dynamic resistance, but the breakout still needs a confirmation in the upcoming days.

Technically, it was somehow expected to drop much deeper, but the Cable started to lose altitude again versus all its rivals. Right now is approaching the 0.8991 previous high and the 0.9000 psychological level, remains to see how will react when will hit these levels. Price was driven by the technical factors as we have a very poor economic calendar today.

Price edges higher and jumped above the median line (ML) of the major ascending pitchfork, but we have to be patient to see if we’ll have a valid breakout or not. However, a false breakout above the ML, followed by a retest of this level will validate a drop at least till the 100% Fibonacci level.

Technically, the price could climb towards the upper median line (uml) of the major descending pitchfork after the failure to reach the median line (ml) of this pitchfork. Only a valid breakout above the ML and above the 0.9000 level will confirm this scenario.

EUR/CHF Reached Upside Target

Price has rallied and has resumed the upside movement. The upside momentum was paused by the 1.1536 static resistance and now has retreated a little. Technically, it should retest the upper median line (uml) of the minor descending pitchfork in the upcoming days. However, a failure to reach this level will signal another leg lower and a potential breakdown below the upper median line (uml) of the minor ascending pitchfork.

EUR/JPY Rising Wedge Invalidated Again

The rate rallies and climbed much above the outside sliding line and now could be attracted by the confluence area formed between the median line (ml) of the red ascending pitchfork with the 50% Fibonacci line (ascending dotted line). The Rising Wedge could still be confirmed as long as the rate is trading within this pattern.

By Olimpiu Tuns – Market Analyst

I graduated a Master in Business Administration, I am a Market Analyst / Trader on Financial Markets (forex, commodities, futures, options) for more than 6 years, I use technical and fundamental analysis for my daily activity. Founder and Market Analyst at ovtbusiness.com (Financial Markets Blog) and contributor on investing.com, actionforex.com, countingpips.com, forexalchemy.com, etc.

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