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On the daily chart, EUR/GBP is consolidating within a bullish channel. A break of its lower border near 0.8740 will increase the risks of the pair going to 200% target of AB=CD. On the other hand, bears’ inability to let the pair below the diagonal support will allow bulls to resume the uptrend.
On H1, EUR/GBP keeps forming the “Head and shoulders”. To continue the rally, the pair needs to break above resistance at 0.8890.
There's a "Double Top" pattern, so the price was declining, but the 34 Moving Average acted as support. Therefore, we've got a bullish "Thorn" pattern. In this case, we should keep an eye on the nearest resistance at 1.1902 as an intraday target.
The 89 Moving Average has acted as support, so there's a "Thorn" pattern. However, a "V-Top" was formed afterwards, so the pair is likely going to test the closest support at 1.1833, which could be a departure point for an upward price movement.
The price is still consolidating along the Moving Averages. The main intraday target is the next resistance at 1.3419 - 1.3445. If a pullback from this area happens little later on, there'll be an opportunity to have a decline towards the closest support at 1.3336 - 1.3319.
There's a consolidation, which is taking place between the levels 1.3386 - 1.3369. It's likely that bears are going to achieve the next support at 1.3350. Meanwhile, if a pullback from this level is on the table, we could have another upward price movement in the direction of the nearest resistance at 1.3419 - 1.3430.
There's a "Tower" pattern, which has been formed on the upper "Window". So, the market is likely going to test the 55 Moving Average line, which could be a departure point for another bullish rally.
There are bearish patterns such a "Hanging Man" and a "High Wave", which both have been confirmed. Therefore, the price is likely going to reach the lower "Window" in the coming hours.
We've got a "Shooting Star", which has been formed at the last local high. In this case, we should keep an eye on the Moving Averages as the next intraday target. If a pullback from these lines happens, there'll be an opportunity to have another upward price movement.
The last bearish "High Wave" pattern has been confirmed by the "Three Methods". So, the pair is likely going to test the 144 Moving Average in the short term.
There's a developing ending diagonal in wave 5 on the four-hour chart. It's likely that wave [iii] is going to move on. The main intraday target is +2/8 MM Level.
4/8 MM Level acted as support, so wave ii might have been formed. Therefore, we're likely going to have an upward price movement in wave iii of (c) of [iii] in the coming hours.
The main news in the last days around the cryptocurrencies has been the massive take-profiting action of the Bitcoin after having found resistance around the important psychological level of 19,000. The price has lost about 20% and although it has managed to have a recovery, it seems that the bears want to retake the reins of the pair in the short term.
At the fundamental level, we have observed that more hedge funds have been betting on the BTC and countries are increasingly resigned to accept companies that trade with cryptocurrency. An example of this is Belarus, whose country has taken measures of tax cuts for those companies that are in the cryptocurrency’s trading.
Technically, the BTC/USD has broken a bullish trend line, although it tries to stay above the 200-hour moving average, although the Parabolic SAR still does not show that the bulls have resumed the pair's trend. The price remains below the 50-hour moving average, which could serve as a dynamic resistance.
What do we expect?
Due to the nature of the sustained decline from the psychological mark of the 19,000, we could be ahead of a doubling of a cycle started from that fall to the lows of last week. This is reinforced by the idea that Bitcoin has fractured an uptrend line. If it breaks below the 200-hour moving average, we could see a break in the support level at 11,588 and then go to the Fibonacci extension of 100% at 5,754. On the upside, if the BTC bounces above the 200-hour moving average, the next target would be the 19,000 milestone.
EUR/GBP is following a bullish sequence from December 18th lows, at which gained momentum in order to establish a Fibonacci retracement idea across the board. According to the theory, the pair has made a correction of 50% and it made a rebound that could put the focus towards the -23.6% Fibo level at 0.8911. To the downside, if it manages to break below the 200 SMA at H1 chart, the next target should be the December 18th lows at 0.8791.
RSI indicator remains in the positive territory, favoring to the bulls.
On the daily chart, USD/CAD keeps consolidating within a short-term trend. A break of its upper border near 1.2895 will create grounds for reaching 88.6% target of the “Shark” pattern. On the other hand, a decline below support at 1.2670 will increase the risks of the medium-term downtrend’s resumption.
On H1, USD/CAD can trigger a “Widening wedge”. To do this, bears need to settle below 1.2715 and then pull the pair below 1.2660 and 1.2625.
On the daily chart, AUD/USD reached an interim high at 88.6% of the junior “Shark” pattern. There may be a pullback to the lower border of the uptrend channel. On the other hand, an advance of resistance at 0.7735-0.7750 will increase the odds of continuation towards 0.7765 (113% target of the junior “Shark” pattern) and 0.7810 (50% of the wave CD of the senior “Shark” pattern).
On H1, AUD/USD formed a “Widening wedge”. Pullbacks to supports at 0.7680 and 0.7650 may be used for buying.
