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Technical outlook:
The EURUSD pair has drifted lower as expected and discussed in the previous articles here. The pair is seen to be trading right below 1.1180 levels for now but is looking to take support from current here, and there is divergence seen on the hourly chart. Still probability is to dip lower towards trend line support and then reverse higher. The fibonacci 0.382 support is also seen at 1.1100 levels which could provide necessary support and also nearly complete a flat wave structure. On the flip side though, the pair could have already completed a running flat at 1.1170 levels today and might be looking to push higher. In either case a continued short strategy could prove more risky from here on hence recommendations are to remain flat for now and look for further trading plan. Immediate interim support is seen at 1.1110 while resistance is at 1.1285 levels respectively.
Trading plan:
Please exit short positions now and await for further trade directions. Might be preparing to go long.
GBPUSD chart setups:
Technical outlook:
The GBPUSD pair had almost hit the first downside target today around 1.2934 levels before pulling back sharply. The pair is seen to be trading at 1.2775 levels for now and might have completed the first leg of correction already. Looking into the wave counts, the pair seems to have completed waves (1) and (2) respectively earlier and also wave 1 of 3 today at 1.2634 levels. It is expected to produce a three wave a-b-c counter trend rally from here on, which could extend towards 1.2850 levels, which could be labelled as wave 2 of the same degree. Please note that the current rally should be corrective in nature, and that the larger down trend should resume from 1.2850 levels going forward. On the flip side, if the rally continues higher and takes out 1.2970 levels from here, it would nullify the downtrend and open doors for yet another high above 1.3047 levels.
Trading plan:
Please exit short positions for now and prepare to go long.
Fundamental outlook:
Watch out for CAD employment data coming out in a few minutes from now.
Good luck!
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