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Home Forex/CFDs/Cryptos News

Forex Outlook: GBP/USD, EUR/USD

fxvnpro by fxvnpro
February 3, 2023
in Forex/CFDs/Cryptos News
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Elliott Waves suggest more upside on GBP/USD after a drop to 1.18-1.2 area

(Gregor Horvat – Wavetraders)

Cable is back in an uptrend after a capitulation back in September 2022. Notice that the price is looking impulsive on a daily chart up to 1.23-1.24 resistance where bulls will try to form a breakout, but ideally, after a fourth wave pullback which can be more complex than we first thought. We see a potential triangle or even flat, meaning that lower supports can be retested before bulls are back. The ideal zone for a bounce is at 1.2 then 1.8 area.

GBPUSD
GBPUSD

EUR/USD: Euro’s upward momentum is over?

(Vasilis Tsaprounis – TopFX)

The single European currency came under significant pressure in the wake of the decisions of the European Central Bank, retreating significantly from its peak of 1,1030, which he had been after the Fed’s decision to raise interest rates and the statements of the chairman Jerome Powell.

In a shocking week so far we have seen strong fluctuations with the European currency temporarily hitting new peaks but without so far being able to maintain them.

The development of the market and the announcements were in general quite expected as the amount of the interest rate increase was fully within the estimates and the statements of the central bankers were not particularly surprising.

The European currency appeared to be particularly favored after the US Federal Reserve’s decision and the statements of the Fed chairman which maintained the latest dovish rhetoric.

Thus the optimism that President Lagarde will maintain a hawkish policy sent the pair to new peaks surpassing the level of 1,10.

Nevertheless, as I pointed out in yesterday’s article, all the data were quite ” discounted ” in favor of the European currency and even if President Lagarde did not disappoint the European currency, it was not able to secure and maintain the high levels.

Once again the strategy of buying the US currency at new highs turned out to be a good idea. Although there was some concern as the new top was considerably higher than the previous one and temporarily the position in favor of the US dollar created increased concern.

Now the market has turned its attention to today’s announcement on the new jobs in the United States, an extremely strong macroeconomic data that traditionally creates significant market moves.

With strong US jobs data which will be at least on estimates and maybe better, it will be very difficult for the European currency to return to recent peaks.

I mentioned just yesterday that although the European currency was holding high prices that the last bullish cycle of the Euro might be near the end and the latest market picture is starting to create this perspective.

Read RBA to hike after worrying signs for the economy

Post Views: 231

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Tags: chairman Jerome PowellElliott WavesForex/CFDs/Cryptos NewsPresident Lagarde
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