years on the market
Monday, August 10th, today’s news—global markets rise amid the positive economic data from China. The US dollar is stronger, oil prices rise following the optimistic demand data from Saudi Arabia. The price of Brent oil is $44.95, WTI—$41.91. EUR/USD is at 1.1771, GBP/USD—1.3074, gold is $2,034.80 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages. Awesome Oscillator indicates a bullish divergence. A breakout of the price pivot zone of 1.6476 will result in the formation of an ascending wave H1 level pattern within the wave (C) of the ascending D1 level pattern. Keep track of the price movement in real time.
Trading recommendations: buy above 1.6476; Stop Loss: 1.6386; target levels: 1.6550, 1.6729.
A “hammer” reversal pattern with a false breakout has formed on the daily chart. Bullish histogram bars have formed on Awesome Oscillator, and Stochastic Oscillator indicates an oversold condition. Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending wave pattern is formed, where the wave (A) breaks through the inclined channel of the descending pattern.
The pair is consolidating, forming a "rising flag" pattern, which can be finished by a price surge. Despite the local strengthening, the US dollar is still fundamentally weak against the euro. Keep track of the rate changes in real time.
Trading recommendations: buy the pair at the breakout level of 1.1800 with likely growth to 1.1915.
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*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.