DEC 5 - FOREX CHART ANALYSIS - ALL MAJOR PAIRS
The price has seen a corrective phase after approaching the lower band. Now it stops in front of MA20 and above H4. This is also the retest point of the previous trend. The pin bar has also appeared so you can consider selling short. The target price is the 108 zone.
EUR/USD increased yesterday but it was just a false break, changing the whole situation. With the strong bearish sign on the daily indicator, your short term goal should be selling. The target price is around the 110 zone.
GBP/USD has been the most damaging pairs as it officially broke out of the consolidation that lasted over the past 6 weeks. The breakout force is relatively good. Our goal today has changed. Let’s wait for a pullback. You should keep your orders medium, and set the Stop Loss a little wide.
After the false-break signal yesterday, the price has hit a very strong breakdown. Obviously there would be a lot of selling, so we can consider making orders in this price range. Or, we can be more careful and wait for a shallow pullback to make orders.
There has been a clear sign of price reaching the 0.682 zone and ending the corrective phase. We are expecting the price to continue to rise today. The goal is the 0.687 zone. If it reaches there, you should close positions partly or move your Stop Loss.
These news that a forex trader must know to have the best strategy.