Not surprisingly both EURUSD and GBPUSD have been among the best trade setups this week. Technical and fundamental alignment has placed both pairs in a good correlation (+74) on intraday time frames that extended to intra week correlation.
EURUSD has cleared upward targets but there is still a potential for more bulls. 1.1510-40 is the first POC zone. LVZ – Low Volatility Zone – pattern, H3 and 23.6 make up for a confluence and we could see a rejection that is based on sheer momentum and historical price action.
Below it is another POC 1.1460-85 that has been formed after a bullish Advance block and historical retest zone. 38.2 adds to the confluence. Targets for another potential bullish swing are 1.1616 and if it breaks 1.1685 that is a weekly target.
Traders should pay attention to both POCs and rejections. Don’t forget that tomorrow is ADP and on Friday we will have NFP that will give us the cue for next EURUSD movement.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.