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The EUR/USD currency pair moves within the side channel 1.1700 // 1.1810 // 1.1910 (lines no. 6, 5, and 4), where price fluctuations within the average level of 1.1810 are considered the most priority for this given period.
If we proceed from the dynamics of the past day, a double puncture of line No. 5 can be seen, where we consider the value of 1.1849 as the high, and 1.1784 as the low.
Based on the price fluctuation of the previous day within the line No. 5, you can place trading positions relative to the received values.
- Buying a currency pair at a price above 1.8150 is recommended, with the prospect of moving to the area of 1.1880 - 1.1900
- Selling a currency pair at a price below 1.1780 is recommended, with the prospect of moving to the area of 1.1755 - 1.1700.
Meanwhile, there is a similar scenario of market development for the GBP/USD currency pair, where the quote moves in the established side channel from lines no. 6, 5 and 4 (1.2985 // 1.3085 // 1.3185). The closed amplitude within the average level of 1.3085 has been taking place on the market for more than 30 hours, where relative to the previous day, the values of 1.3147 and 1.3052, reflecting the local high and low, can be observed.
In technical analysis, there is a theory that suggests that the breakdown of the high or low of the past day can indicate the local direction of the market.
Based on the information received, we can consider a number of scenarios for price development:
- Buying a currency pair at a price above 1.3150 is recommended, with the prospect of a moving to the area of 1.3180 - 1.3200
- Selling a currency pair at a price below 1.3050 is recommended, with the prospect of moving to the area of 1.2985 - 1.3000.
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