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The euro is steadily strengthening versus the British pound. A week ago EUR/GBP formed a "bullish engulfing" pattern as it rebounded from nearly 2019 lows. Yesterday it closed above 100-day MA and 38.2% Fibo retracement of this year’s decline.
The euro is up on the news that the US would delay its decision about imposing tariffs on EU cars, while the pound is pressured by a continued impasse in Brexit talks between the UK’s major political parties.
It seems that EUR/GBP has finally broken out of the range within which it was trading in March and April. Support will now be in the 0.8710/0.8690 area. The way up implies an advance to 0.8785 (50% Fibo and the 200-day MA nearby). In the absence of overly negative news from the euro area, an advance to 0.8860 (61.8% Fibo) will also be possible.
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
Ichimoku Kinko Hyo CAD/JPY: The pair is trading above the cloud…
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
Ichimoku Kinko Hyo GBP/JPY: The pair is trading below the cloud…
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