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Abstract:There is a good strong buy setup portending for this pair as market participants seem bullish on a slow motion soaring euro and somehow ease back measures and slow recovery of some of the Euro block members.
There is a good strong buy setup portending for this pair as market participants seem bullish on a slow motion soaring euro and somehow ease back measures and slow recovery of some of the Euro block members.
Also, the Euro is gaining traction as uncertainties looms on brexit talks and uncertainties if London will try to have its way by changing timeline pacts.
Looking at the daily chart, last week trading session, price shot up past the 50 MA and retested again the band even closing below and market participants look to breach the now minor resistance level formed last week and as of todays trading session candle close, forming a bullish engulfing bar, we can tell there is a momentum buy trade sentiment hovering within the block as market participants look to 10.5 price handle level.
Daily Chart;
Of course, ones discretion and risk management is advised.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa
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Recently, the sterling suffered a sharp loss in the wake of the fact that the UK-EU trade talks are teetering on the brink of collapse. It comes because the UK is preparing to legislate to deal freely with Northern Ireland's freight under the expectation that a trade deal with the EU is beyond reach. Once it succeeds, products from Northern Ireland will have unfettered access to the UK's market without any customs declarations as the UK has the power to decide which goods are subject to EU tariffs, but the EU's subsidies involving Northern Irish firms may not be active.
WikiFX| Daily F.X. Analysis, Sept 15 |Arslan Ali Butt-KOL
XAU/USD is traded higher at $1,966 level versus $1,962 yesterday’s high and it seems poised to approach the $2,000 psychological level soon if the USD depreciates further against its rivals.
The currency pair that you are looking at is at its all-time high. You are unsure if you should go Long right now. This pair has been exceeding expectations for some months now. Your peers have made their share and you don’t want to be left out. But you are afraid. These 2 chart patterns are extremely helpful in warning you of an upcoming reversal, allowing you to make money. They are the rounding bottom and rounding top chart patterns.