TECHNICAL DAILY OUTLOOK – EYES ON 1.4968.
NEWS THAT CAN HAVE AN IMPACT:
– UK MANUFACTURING PMI (09:30 GMT)
– U.S. ADP NONFARM EMPLOYMENT (13:15 GMT), ISM MANUFACTURING PMI (15:00 GMT)
Our Explosion® statistical indicator attached below a Daily chart shows that on Wednesday the 18th of march we had the highest momentum (rate at which any additional tick/volume contributes to the high-low range of the bar) over the past 30 business days. It is a long while that we don’t see price momentum as strong that past bar and our indicator starts to plot a bell-shaped curve centered on that FOMC day: today we will probably see an interesting momentum.
Price is entangled in a ranging pattern between 1.4740 and 1.4968. It follows that:
– if prices breaks up 1.4968, then we will have first 1.5045 and then eventually the start of a race targeting 1.5140 (re-test of the high of Wednesday the 18th).
– if prices breaks down 1.4740, then we will have a re-test of the low of Wednesday the 18th (around 1.4640)
Author: Simone Ambrogio
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