TECHNICAL DAILY OUTLOOK – EYES ON 1.49682 AND 1.50455. BANK OF ENGLAND GOVERNOR CARNEY SPEECH (8:45 GMT) AND U.S. GROSS DOMESTIC PRODUCT (12:30 GMT) CAN IMPACT.
When it comes to Fridays, we have to take a look also at weekly charts, in order to get what pattern is going to be completed this week.
As we can see, weekly price is fighting around 61.8 fibo-retracement set on a weekly timeframe.
What I think is that this weekly bar will try to close near to the open price (1.49682) or over (1.50455 area). A breakout of 1.50455, due to speculations on BoE Governor’s speech or due to disappointing U.S. numbers, may drive prices over 1.51405.
Of course, if the speech will be somehow disappointing or the U.S. numbers will be better than expectations, we will quotes down around 1.4740 level which is anyways an important support and a good level for buyers: it is past Friday’s open and past Thursday’s close, and in that case both 14-periods traditional RSI and our STRC® (modified RSI) will fall into oversold areas.
Author: Simone Ambrogio
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