Search, Analyse, Trade” is a series of Price Action and Elliott Waves analyses. Its detailed step-by-step description can be found over here. I invite you to today’s review of selected currency pairs and potential trading opportunities. The analyses are based on the Dukascopy sentiment that you can get here.


Yesterday, the EUR/USD did not manage to beat the line leaded on the tops. The pair rejected the line and headed south. Currently is testing the internal zone again. Its overcoming should lead to the test of the last low. However, if the pair maintains the levels, then the chance to beat the mentioned line will be high. The consolidation we have been watching for some time has been increasingly tightening up, which allows us to think that the moment of breaking out and fixing the direction for the coming weeks is getting closer and closer.

On the Ichimoku chart also without major changes. The pair defeated the flat lines Kijun and Tenkan and fought the line Senkou Span A. Chikou is still located between Tenkan and Kijun. Currently, the price line is on its way. If the pair can defend Senkou Span A, then the move towards Senkou Span B will be probable. The line of Senkou Span A begins to create ever lower “hills” which may mean that the break from consolidation is getting closer. Sentiment changes from day to day which is typical for consolidation. Currently, players are expecting maintaining levels and moving up. I am also waiting for such a signal, but on the H4 chart, ichimoku does not allow for opening the position for the time being.


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GBP/USD managed to beat the line running over the tops. The pair reached the local inner resistance zone and rejected it. From the morning we watch the re-test of the line and if it is positive, we should see another attempt to attack the resistance zone rejected yesterday. Otherwise, the pair will soon test the accelerated trend line.

The layout on Ichimoku graph has not changed much. The pair is still in the cloud and can not cope with Senkou Span A. Breaching of the price over Kijun gave hope for the movement to continue, but Senkou Span A was in the way, and the price bounced back. Both the Tenkan and Kijun lines are laid flat, which of course means consolidation. Chikou’s line re-tested the Kijun line yesterday and stopped in the price line. The sentiment remains neutral, which allows you to open positions in any direction, but the ichimoku currently does not give any signals, so I stay aside.

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