Not surprisingly both EURUSD and GBPUSD have been among the best trade setups this week. Technical and fundamental alignment has placed both pairs in a good correlation (+74) on intraday time frames that extended to intra week correlation.
EURUSD has cleared upward targets but there is still a potential for more bulls. 1.1510-40 is the first POC zone. LVZ – Low Volatility Zone – pattern, H3 and 23.6 make up for a confluence and we could see a rejection that is based on sheer momentum and historical price action.
Below it is another POC 1.1460-85 that has been formed after a bullish Advance block and historical retest zone. 38.2 adds to the confluence. Targets for another potential bullish swing are 1.1616 and if it breaks 1.1685 that is a weekly target.
Traders should pay attention to both POCs and rejections. Don’t forget that tomorrow is ADP and on Friday we will have NFP that will give us the cue for next EURUSD movement.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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