Stuart's FX analysis

Short-term key resistance at 140.74 has been capped. We continue to look for support at 138.64 and a break below here will lead to a decline to a minimum 137.74 and possibly even closer to our ideal corrective target at 135.67 from where a new rally towards 144.98 is expected. A direct break above short-term key resistance at 140.74 will indicate completion of the correction and a direct rally towards 144.98. R3: 141.15 R2: 141.12 R1: 140.74 Pivot: 140.21 S1: 139.74 R2: 139.26 R1: 139.07 Trading recommendation: We will buy 50% GBP at 137.85 and 50% at 135.75 or we will buy 100% upon a break above 140.74 The material has been provided by InstaForex Company - www.instaforex.com via Elliott wave analysis of GBP/JPY for November 1 - 2019

Resistance at 121.48 capped the upside and pushed EUR/JPY back below short-term key support at 120.55 indicating that red wave ii still was in motion. This means a dip towards our ideal corrective target at 119.87 is still possible before a new rally towards 124.64 should be expected. R3: 121.48 R2: 121.15 R1: 120.83 Pivot: 120.26 S1: 120.00 S2: 119.87 S3: 119.71 Trading recommendation: WE are long EUR from 117.25 and we will drop our stop back to 119.00. If you are not long EUR yet, then buy near 120.00 and use the same stop at 119.00 The material has been provided by InstaForex Company - www.instaforex.com via Elliott wave analysis of EUR/JPY for November 1 - 2019

When the European market opens, no economic data will be released. The US will release such economic reports as Wards Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Final Manufacturing PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, amid the reports, EUR/USD will move in a medium to high volatility during this day.TODAY’S TECHNICAL LEVEL: Breakout BUY Level: 1.1210. Strong Resistance: 1.1204. Original Resistance: 1.1200. Inner Sell Area: 1.1182. Target Inner Area: 1.1156. Inner Buy Area: 1.1130. Original Support: 1.1119. Strong Support: 1.1108. Breakout SELL Level: 1.1102. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com via Technical analysis: Important intraday Level For EUR/USD, November 01,2019

In Asia, Japan will release the Final Manufacturing PMI and Unemployment Rate. The US will also publish some economic data such as Wards Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Final Manufacturing PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day. TODAY’S TECHNICAL LEVELS: Resistance. 3: 108.61. Resistance. 2: 108.41. Resistance. 1: 108.19. Support. 1: 107.93. Support. 2: 107.72. Support. 3: 107.50. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com via Technical analysis: Important Intraday Levels for USD/JPY, November 01, 2019

Entry: 1.11657 Why is it good: Horizontal swing high resistance Stop Loss: 1.12300 Why is it good: Horizontal swing high resistance, 61.8% fibonacci retracement Take profit: 1.10670 Why is it good: Horizontal overlap support, 38.2% fibonacci retracement, 100% fibonacci extension The material has been provided by InstaForex Company - www.instaforex.com via EURUSD approaching resistance, potential big drop coming up!

EUR / USD October 30 ended for the pair EUR / USD with an increase of 40 basis points. Thus, the alleged wave b, after the third unsuccessful attempt to break through the 38.2% Fibonacci level, is still considered completed. If this assumption is correct, then the increase in quotations will continue with targets located about 12 figures or higher, in the framework of constructing the proposed wave c. So far, the euro can continue to rise, as it has the corresponding news background, but one should not forget that the EU economy is also experiencing problems and as they “flow out”, the demand for the Euro currency in the currency market may begin to fall again. Fundamental component: The news background yesterday came down, by and large, to the evening meeting of the Federal Reserve System and its results as well as the speech by Jerome Powell at a press conference. Therefore, all the economic reports that came out during the day in America did not really interest the markets. Alth...

Fundamental component Today, the economic calendar of the leading European monetary units has a lot of diverse statistics, but there are no important indicators. The only thing at 10:00 Universal time draws attention to the statistics block from the Eurozone. Here, the main indicator is the consumer price index. In addition, it can be noted that the main value in the current day will belong to the most favorable closing of the month. EUR / USD Also today, October will be closed. Players on the rise are determined to close with optimism, and for this, they need a minimum upper shadow on the monthly candle. The chances of success are quite large. The result of interaction with the key resistance zone of this section (1.11885 - 1.1206 monthly Tenkan + monthly Senkou Span A + weekly Fibo Kijun) will be formed in November. Meanwhile, the supports are scattered today and form a rather wide zone 1.1146 - 1.1126 - 1.1104 - 1.1082. Yesterday, despite the uncertainty, the upward players ma...

The results of the October meeting of the Federal Reserve are controversial. By and large, the regulator implemented the most anticipated scenario: they lowered the interest rate by 25 basis points and hinted at maintaining a wait-and-see position in the near future. Given the general readiness for such a scenario, the dollar should have reacted positively, since the very fact of easing monetary policy was already taken into account in current prices. But the subsequent rhetoric of Jerome Powell crippled the position of dollar bulls. As a result, the dollar index fell from 97.599 to the current 97.148, and in turn, the EUR/USD pair consolidated in the middle of the 11th figure, in anticipation of tomorrow’s Nonfarm. On the whole, nothing catastrophic happened for the dollar - the Fed simply did not remove the burden of uncertainty from the greenback regarding the future prospects of monetary policy. Yesterday, the US central bank clearly tried to maintain a balance between a hawkish ...

Crypto Industry News: Chinese cryptocurrency mining giant, Canaan Creative, has applied to become a public company in the United States. Canaan Creative filed an IPO with the US Securities and Exchange Commission (SEC) to raise $ 400 million, while planning to list on Nasdaq under the name CAN. Canaan reportedly submitted an $ 200 million IPO application to US regulators in July, but the formal F-1 form has been made public today. If the company succeeds, Canaan, which is one of the three largest Chinese mining companies, next to Bitmain and Yibang International, may become the first Chinese mining company that is listed on the US Stock Exchange. Bitmain has already made an offer for a stock exchange debut at the SEC in June 2019 after the expiry of its application for stock trading on the Hong Kong Stock Exchange in March. Canaan’s biggest competitor, Bitmain, opened, he claimed, the world’s largest Bitcoin mining facility in Rockdale, Texas, which was completed through collabora...

Crypto Industry News: The Bitcoin mining company belonging to the Russian Ombudsman plans to open a new facility and gain 20% of the international market. The Russian Mining Company (RMC) plans to change the purpose of the metal factory in the northern province of Karelia, according to a local news site. Closed due to US sanctions in 2018, the former Rusal facility may soon host such a large mining farm that it could account for one-fifth of global production. “Our idea is to transform the factory and sell computing power as a service, that is, offering IT services,” said general director Dmitry Marinichev. Mariniczew led the RMC through an ICO of $ 43 million in 2017, which remains the largest in Russia. Despite links to the Russian government, Marinichev criticized some policies, especially aspects related to the Internet. For example, the Kremlin’s attempt to block the Telegram communicator caused contempt. Efforts to date have failed, because Telegram is still available, while...

Trend analysis (Fig. 1). On Thursday, the price will move up with the target 1.3013 - the upper fractal (blue dashed line). Fig. 1 (daily chart). Comprehensive analysis: - Indicator analysis - up; - Fibonacci levels - up; - Volumes - up; - Candlestick analysis - down; - Trend analysis - up; - Bollinger Lines - up; - Weekly schedule - up. General conclusion: On Thursday, the price may continue to move up. The first upper target 1.3013 is the upper fractal (blue dashed line). An unlikely scenario is a downward movement to a pullback level of 23.6% - 1.2764 (blue dashed line). The material has been provided by InstaForex Company - www.instaforex.com via Indicator analysis. Daily review on October 31, 2019, on the GBP / USD currency pair

Technical Market Overview: The volatility on the GBP/USD market has jumped in the last 24h and Cable is trying to move higher towards the local technical resistance located at the level of 1.2939. Nevertheless, the price is still locked in a narrow horizontal range located between the levels of 1.2783 - 1.2865 and no major breakout occurred yet. The market participants await a breakout in any direction, but on the other hand, the market might be making the Bullish Flag or Pennant pattern as well. Despite the neutral momentum, the bears are getting more active and try to push the prices lower towards the next technical support located at the level of 1.2783. The key technical support is still located at the level of 1.2561. The larger timeframe trend remains bearish. Weekly Pivot Points: WR3 - 1.3149 WR2 - 1.3068 WR1 - 1.2923 Weekly Pivot - 1.2842 WS1 - 1.2710 WS2 - 1.2624 WS3 - 1.2478 Trading Recommendations: The best strategy for current market conditions is to trade with t...

Technical Market Overview: The EUR/USD pair has managed to get back into the ascending channel and bulls are now preparing to test the technical resistance located at the level of 1.1179. The momentum is now clearly strong and positive, so there is still a chance for another leg up and even the breakout. The next target for bulls is seen at the level of 1.1232 and the nearest technical support is seen at the level of 1.1121. Weekly Pivot Points: WR3 - 1.1242 WR2 - 1.1207 WR1 - 1.1134 Weekly Pivot - 1.1103 WS1 - 1.1028 WS2 - 1.0992 WS3 - 1.0922 Trading Recommendations: The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-...

The pair on Wednesday moved to the side channel before interest rates. The price, after having once again tested the support line 1.1103 (red bold line), went up. The news coincided with the trend of technical analysis. On Thursday, strong calendar news is expected at 13.00 Moscow time (Euro). On Thursday, we are waiting for an uptrend. Trend analysis (Fig. 1). On Thursday, the market may try to break through the upper fractal - 1.1181 upper fractals. If successful, the next target 1.1209 is a retracement level of 61.8% (blue dashed line). Fig. 1 (daily chart). Comprehensive analysis: - Indicator analysis - up; - Fibonacci levels - up; - Volumes - up; - Candlestick analysis - down; - Trend analysis - up; - Bollinger Lines - up; - Weekly schedule - up. General conclusion: On Thursday, upward movement is possible. The first upper target 1.1181 is the upper fractal. If successful, the next target 1.1209 is a retracement level of 61.8% (blue dashed line). An unlikely lower...

GBP/JPY remains stuck in a narrow trading range below short-term important resistance at 140.74. As long as this resistance is able to cap the upside, we continue to look for renewed downside pressure towards at least 137.74 and possibly even closer to 135.67 to complete the correction in blue wave ii. That said, we also would like to stress that we are right in the middle of the strongest of the impulsive waves and the possibility of a sub-normal correction is high. A break above short-term important resistance at 140.74 will confirm this is the case and renewed strength has reemerged for the next rally higher towards 144.98. R3: 141.51 R2: 141.12 R3: 140.74 Pivot: 140.21 S1: 139.74 S2: 139.26 S3: 139.07 Trading recommendation: We will buy 50% EUR at 137.85 and 50% at 135.75 or we will buy 100% upon a break above 140.74 The material has been provided by InstaForex Company - www.instaforex.com via Elliott wave analysis of GBP/JPY for October 31 - 2019

EUR/JPY has broken above short-term important resistance at 121.39 indicating that the correction completed earlier and the next impulsive swing higher is developing. The next upside target to look for is seen at 122.00 and the 123.18 on the way higher towards 124.64. Only an unexpected break back below 120.55 will indicate that the correction is still developing and a final dip to 119.87 is still likely. R3: 123.18 R2: 122.55 R1: 122.00 Pivot: 121.14 S1: 120.97 S2: 120.84 S3: 120.55 Trading recommendation: We are long EUR from 117.25 and we will move our stop higher to 120.25 The material has been provided by InstaForex Company - www.instaforex.com via Elliott wave analysis of EUR/JPY for October 31 - 2019

To open long positions on GBP/USD you need: While Brexit and UK election news did not support the pound and were ignored by buyers, yesterday the Federal Reserve’s decision to lower rates led to a resumption of the upward trend. At the moment, the bulls are gradually approaching the upper boundary of the lateral channel at 1.2943, and further growth of the pair will depend on its breakdown. Consolidation above 1.2943 will be a signal to buy GBP/USD in order to update this month’s highs in the area of 1.3012, where I recommend profit taking. If pressure on the pound returns, and this can happen after the publication of US reports, it is best to return to long positions on a false breakout in the support area of 1.2875, or on a rebound from the lower boundary of the side channel at 1.2807. To open short positions on GBP/USD you need: Bears will try not to let the pair go above the resistance of 1.2943, but only the formation of a false breakout at this level will be a signal to open s...

To open long positions on EURUSD you need: Euro growth resumed after the Federal Reserve decided to lower interest rates. Even though many expected this event, buyers managed to break above the resistance of 1.1149, which quickly pushed the pair to the highs of this month. The main goal of the bulls in the first half of the day will be to break through the range of 1.1178, but this can only be done if good fundamental statistics on inflation in the eurozone and GDP growth are achieved. The breakdown of the high of 1.1178 opens a direct path to a new resistance of 1.1226 and 1.1289, where I recommend profit taking. If the data on the eurozone turn out to be worse than the forecasts of economists, the scenario of EUR/USD return to the support area of 1.1149 is not ruled out. It is best to open long positions from there only after the formation of a false breakout. I recommend buying immediately on the rebound only from the larger area of support for this week at 1.1116. To open short p...

When the European market opens, some economic data will be released such as Italian Prelim GDP q/q, Unemployment Rate, Prelim Flash GDP q/q, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, French Prelim CPI m/m, and German Retail Sales m/m. The US will also publish the economic data such as Natural Gas Storage, Chicago PMI, Unemployment Claims, Personal Income m/m, Employment Cost Index q/q, Core PCE Price Index m/m, Personal Spending m/m, and Challenger Job Cuts y/y, so amid the reports, the EUR/USD pair will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.1217. Strong Resistance: 1.1211. Original Resistance: 1.1200. Inner Sell Area: 1.1189. Target Inner Area: 1.1163. Inner Buy Area: 1.1137. Original Support: 1.1126. Strong Support: 1.1115. Breakout SELL Level: 1.1109. (Disclaimer)The material has been provided by InstaForex Company - www.instafor...

In Asia, Japan will release the Housing Starts y/y, Consumer Confidence, BOJ Policy Rate, and Prelim Industrial Production m/m. The US will also publish some economic data such as Natural Gas Storage, Chicago PMI, Unemployment Claims, Personal Income m/m, Employment Cost Index q/q, Core PCE Price Index m/m, Personal Spending m/m, and Challenger Job Cuts y/y. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVELS: Resistance. 3: 109.23. Resistance. 2: 109.03. Resistance. 1: 108.81. Support. 1: 108.55. Support. 2: 108.34. Support. 3: 108.12. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com via Technical analysis: Important Intraday Levels for USD/JPY, October 31, 2019

EUR/USD Unfortunately, we hastened to shift the local situation to medium and long-term prospects for strengthening the dollar. Risk appetite in the market is still strong, and after lowering the FOMC Fed rate, the dollar index fell 0.23% and the stock market grew 0.33%, while the euro added 40 points. But it should be noted that the markets began to fall immediately after the rate cut, and it only turned into growth on the comments of Jerome Powell, who did not look hawkish. As usual, Powell did not fall into the mood of investors. Instructions for taking a pause in the mitigation cycle were both in the accompanying statement and in the speech of the Fed chairman, but soft and inexpressive. The preliminary signs that we paid attention to before the release of the Fed came out positive: in the private sector, according to ADP estimates, 125 thousand new jobs were created in October, GDP for the third quarter was 1.9% against the expectation of 1.7%. The Fed (primarily Powell) had rea...

GBP / USD As a result of Wednesday, the pound has grown by 44 points after the Fed trims the rate from 2.00% to 1.75%. On the daily chart, the Marlin Oscillator is reluctant to turn after the price, which warns of a short-term growth prospect. The immediate goal is the Fibonacci level of 76.4% at the price of 1.2987. Overcoming the level will make it possible for the price to grow further to the Fibonacci level of 61.8% at the price of 1.3060. On the four-hour chart, the price went above the red indicator line of the balance, shifting the local market sentiment towards purchases, but the MACD line is located near the target level at the Fibonacci level of 1.2987. This range (1.2975 / 87) will now be the target. The material has been provided by InstaForex Company - www.instaforex.com via Forecast for GBP/USD on October 31, 2019

AUD / USD On Wednesday, after the Federal Reserve decided to cut the base rate by a quarter point, the Australian dollar grew by 39 points, this morning it is adding another 22 points. Such growth made it possible for the price to overcome the upper limit of the decreasing price channel, originating from last January. The price channel is canceled. The channel of the highest scale remains on the daily chart. Currently, the price is testing one of the embedded lines of this channel. Consolidation above it will allow the price to grow even higher, to the nearest line to the area of 0.7008. The Marlin indicator does not contradict this. On the H4 chart, the price is firmly consolidated above the lines of balance and MACD, with Marlin in a growing position. The material has been provided by InstaForex Company - www.instaforex.com via Forecast for AUD/USD on October 31, 2019

Entry : 1.11657 Why is it good: Horizontal swing high resistance Stop Loss: 1.12300 Why is it good: Horizontal swing high resistance, 61.8% fiboancci retracement Take Profit: 1.10670 Why is it good: Horizontal overlap support, 38.2% fibonacci retracement The material has been provided by InstaForex Company - www.instaforex.com via EURUSD approaching resistance, potential big drop coming up!

Forecast for October 31: Analytical review of currency pairs in scale H1: For the euro / dollar pair, the key levels on the H1 scale are: 1.1207, 1.1187, 1.1178, 1.1161, 1.1143, 1.1132 and 1.1115. Here, we are following the formation of medium-term initial conditions for the top of October 29. The continuation of the movement to the top is expected after the breakdown of the level of 1.1161. In this case, the target is 1.1187. Price consolidation is in the range of 1.1187 - 1.1178. For the potential value for the top, we consider the level of 1.1207. Upon reaching this value, we expect a pullback to the bottom. Short-term downward movement is expected in the range 1.1143 - 1.1132. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1115. This level is a key support for the upward structure. The main trend is the formation of medium-term initial conditions for the top of October 29. Trading recommendations: Buy: 1.1161 Take profit: 1.1178 Buy...

For the first time since 1923, the United Kingdom will hold general elections in December to break the impasse associated with Brexit, CNBC reports. The corresponding bill in the British Parliament was introduced by Prime Minister Boris Johnson. The opposition agreed with the proposal of the head of government only after the European Union agreed to postpone Brexit for three months - until January 31, 2020. On the eve of the election, 438 deputies of the House of Commons spoke in favor, 20 against it. “This Parliament is broken and dead, so it must be dissolved. There is no support among the deputies in promoting a law that will make ratification of the deal with the EU a reality. Universal voting is needed to put an end to the uncertainty surrounding Brexit, which undermines public confidence, "says B. Johnson. For the elections to take place within the agreed time, the Parliament must be dissolved no later than November 6th. Johnson has five working days left for the bill t...

Dollar pairs are waiting for the main event of the day, which will be held at the end of the US session. This, of course, is about the announcement of the results of the October meeting of the Federal Reserve and the subsequent press conference of Jerome Powell. Given the importance of this event, it is better not to trade in dollar pairs today - at least until the position of the Fed head is clear in the light of the latest data on the US labor market, industrial production and inflation. The pair pound-dollar is no exception, and not only because of American events. The pound lives in its “coordinate system” in recent years, where the unconditional priority is the issue of Brexit. Therefore, now GBP/USD traders are waiting not so much for the Fed meeting as for the third reading on the re-election bill in the UK. Despite all the previous voting on this issue, the Parliament has not yet set a final point, which means the intrigue is still preserved. This explains the complete suspen...

The Canadian dollar has been on the rise since the beginning of the week. However, experts suggest that the flight of the loonie can be interrupted by changes in the monetary policy of the Bank of Canada, as well as a deterioration in economic data. In this situation, the market favors the loonie, analysts emphasize. The loonie was in the spotlight on Wednesday, October 30. The market is monitoring the further actions of the Bank of Canada, which is ready to hold a meeting on monetary policy. If the regulator keeps the rate at 1.75%, while the Fed reduces it to 1.50% –1.75%, then the Canadian dollar will push its American counterpart. The loonie claims to be the leader, striving to become the most profitable currency in the “Big Ten.” According to analysts, the rise of the Canadian dollar is possible not only in case of maintaining the same rates, but also amid optimistic comments of the regulator regarding the growth of the national economy. At the last meeting, the Bank of Canada ...

Crypto Industry News: Cryptocurrencies like Bitcoin are not real money, as we read in a statement published by the German federal parliament. According to the announcement, the assets offered by the current cryptocurrency landscape - such as Bitcoin - provide only a very limited part of the functions expected from traditional money. The statement entitled “Cryptographic tokens are not real money” - based on the answer given by the German federal government to the question of the Free Democratic Party parliamentary group. The answer given defines the basic features of money: exchange and payment methods, storage of value and unit of account. The advertisement indicates that the amount of payments made using crypto is limited compared to fiat currencies. In addition, the author of the statement also claims that value fluctuations make crypto tokens unsuitable for storing values. The government’s reply states that stablecoin coins are trying to solve problems caused by excessive price...

EUR/JPY remains locked inside a trading range between 120.33 to 121.48. A dip below 120.33 as a false break is likely to occur. If it comes true, it will quickly revert to the upside as the next impulsive rally will go towards 124.64 and 129.50 as the next larger targets. Only a direct break above 121.39 will confirm that the correction has completed and the next impulsive rally is developing. R3: 121.47 R2: 121.30 R1: 121.15 Pivot: 120.81 S1: 120.57 S2: 120.32 S3: 119.87 Trading recommendation: We are long EUR from 117.25 with our stop placed at 119.00 The material has been provided by InstaForex Company - www.instaforex.com via Elliott wave analysis of EUR/JPY for October 30 - 2019

Trend analysis (Fig. 1). On Wednesday, the price may move up to the upper fractal - 1.2950. From this level, it is possible to continue moving up to the next upper fractal - 1.3013 (blue dashed line). Fig. 1 (daily chart). Comprehensive analysis: - Indicator analysis - up; - Fibonacci levels - up; - Volumes - up; - Candlestick analysis - up; - Trend analysis - up; - Bollinger Lines - up; - Weekly schedule - up. General conclusion: On Wednesday, the price may continue to move up. The first upper target is the upper fractal - 1.2950, then in case of breakdown of this level, the movement up to the next upper fractal is 1.3013 (blue dashed line). An unlikely scenario is to work down to the lower fractal 1.2789. The material has been provided by InstaForex Company - www.instaforex.com via Indicator analysis. Daily review on October 30, 2019, on the GBP / USD currency pair.

Technical Market Overview: The volatility on the GBP/USD market has clearly dried up and Cable is still being locked in a narrow horizontal range located between the levels of 1.2783 - 1.2865 as no major breakout occurred yet. The market participants await a breakout in any direction, but on the other hand, the market might be making the Bullish Flag or Pennant pattern as well. Despite the neutral momentum, the bears are getting more active and try to push the prices lower towards the next technical support located at the level of 1.2783. The key technical support is still located at the level of 1.2561. The larger timeframe trend remains bearish. Weekly Pivot Points: WR3 - 1.3149 WR2 - 1.3068 WR1 - 1.2923 Weekly Pivot - 1.2842 WS1 - 1.2710 WS2 - 1.2624 WS3 - 1.2478 Trading Recommendations: The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In orde...

Technical Market Overview: The bounce from the level of 1.1075 was successful and bulls are trying again to get back into the ascending channel. Currently, the price is testing the level of 1.1109 which is a local technical resistnace. The volatility has slightly increased and the overall market participants’ activity is more visible. The momentum is now slightly positive, but there is still a chance for another leg up after the breakout, the next target for bulls is seen at the level of 1.1160. Weekly Pivot Points: WR3 - 1.1242 WR2 - 1.1207 WR1 - 1.1134 Weekly Pivot - 1.1103 WS1 - 1.1028 WS2 - 1.0992 WS3 - 1.0922 Trading Recommendations: The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timefr...