EUR/GBP Is Consolidating at 0.8990

 

EUR/GBP spent the entire last week forming a relatively tight sideways consolidation, from 0.8890 to 0.8990. As a consequence the pair formed a number of candlesticks on the daily time-frame that are a signal for a likely impending move to the downside, namely shooting star candlesticks, a doji one and a hanging man candlestick, as well as one clear hanging man candlestick on the weekly time-frame, all under the resistance at 0.8990. Should those signals for a drop prove valid we could expect a move towards the closest support level at 0.8870, and a breakout below that level could lead to a further drop towards 0.8730, which is the (MA)89 indicator on the daily time-frame.

AUD/USD Bounced off from 0.8065

AUD/USD broke out above the last high it had formed at 0.7990 with relative ease, despite the spinning top candlestick it had formed on the daily time-frame at that level, and then continued moving to the upside, forming a new high at 0.8065. The pair bounced off from that level as well, and this time formed a very impressive shooting star candlestick on the daily time-frame. While the spinning top candlestick was a sign of indecision, the shooting star is a more certain signal for a likely new move to the downside. If AUD/USD does start moving to the downside the closest target will likely be around 0.7900. On the other hand, a breakout above 0.8065 could lead to a further rally towards 0.8300, which is the (MA)89 indicator on the monthly time-frame.

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The EUR/USD Bullish Trend May Be Getting Exhausted

Yesterday EUR/USD made yet another attempt to break out above 1.1700 and it even briefly climbed above that level, reaching a high at 1.1713 but it quickly bounced off that resistance and the pair is currently trading around 1.1640 – 1.1650. What is more, EUR/USD formed a very clear shooting star candlestick on the daily time-frame at the aforementioned resistance around 1.1700 – 1.1713. Considering all that, it appears that the overall bullish trend that has lasted for over a month now may finally be getting exhausted. If the pair breaks out below 1.1600 there could be a further move to the downside towards 1.1520, which is the (MA)89 indicator on the four-hour time-frame.