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The European Central Bank will announce its monetary policy decision at 14:45 MT time on January 25.
December meeting of the regulator wasn’t eventful, even so, EUR/USD made firstly a false move to the upside and then declined by almost 100 pips. That’s why there are all reasons to expect good trading opportunities in the EUR this time as well.
Folow this news in the Economic Calendar [url]https://goo.gl/pmvebR[/url]
Buy — 1.2420/30; SL — 1.2400; TP1 — 1.2460; TP2 — 1.2530
Reason: bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the prices are reached new highs and corrected to local support of Kijun-sen.
Buy — 1.4140; SL — 1.4120; TP1 — 1.4270; TP2 — 1.4300.
Reason: bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; a market returned to the support of Kijun-sen and may continue an uptrend.
On the daily chart, EUR/USD is forming “Spike and reversal with acceleration” pattern. To change the trend to the downward the euro should return to 1.19. That is unlikely. On the other hand, a pin bar near the lower border of the current uptrend increases the risks of a pullback.
On H1, EUR/USD formed a reversal “Widening wedge”. Aggressive selling will become a priority if the euro returns to 23.6% of the wave 4-5. Conservative selling may start when the euro reaches point 5.
On the daily chart, EUR/GBP tested the lower border of the 0.8740-0.9015 for the fourth time since September. The inability of bears to continue what they have begun will point at their weakness. On the other hand, if the pair renews January low, the odds of decline to 2% target of AB=CD will increase.
On H1, EUR/GBP managed to lead the pair outside of the descending trade channel. To return the initiative, bears need to make the euro go below support at 0.8740.
EUR/GBP: BULLS HAVE DEFENDED THE FORTRESS
07:40 26.01.2018
Recommendation:
SELL 0.8700
SL 0.8755
TP1 0.8600 TP2 0.8450
On the daily chart, EUR/GBP tested the lower border of the 0.8740-0.9015 for the fourth time since September. The inability of bears to continue what they have begun will point at their weakness. On the other hand, if the pair renews January low, the odds of decline to 2% target of AB=CD will increase.
On H1, EUR/GBP managed to lead the pair outside of the descending trade channel. To return the initiative, bears need to make the euro go below support at 0.8740.
The main trend is still bullish, so we should keep an eye on the next resistance at 1.2500 - 1.2537 as an intraday target. If a pullback from this area happens little later on, there'll be an opportunity to have a decline towards the nearest support at 1.2456 - 1.2358.
There's a possible "V-Top", so the pair is likely going to test the closest support at 1.2398. This level could be a departure point for another upward price movement in the direction of the next resistance at 1.2500 - 1.2537.
Bulls faced with resistance at 1.4331, so there's a "Double Top" pattern. Nevertheless, the market is likely going to achieve the next resistance at 1.4386 - 1.4433 soon. If a pullback from this area happens, we could have a bearish correction.
The 55 Moving Average has acted as support, so the price is consolidating. In this case, we should keep an eye on the closest support at 1.4129. Meanwhile, if we have a pullback from this level, there'll be an opportunity to have a bullish price movement towards the next resistance at 1.4327 - 1.4344.
There's a "Piercing Line" pattern, which has been confirmed. So, if the 21 Moving Average acts as support, there'll be an opportunity to have a new local high.
We've got a "Harami" and a "High Wave", but both patterns haven't been confirmed yet. Therefore, the 34 MA is likely going to act as support. If so, bulls will probably try to reach the next resistance area.
