“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.
EUR/USD pair continues to consolidate in Inside Bar just under key resistance. If the current movement takes place as part of the fourth wave of recent growth, we should see another attack on this level in the near future. On the other hand, breaking down from the Inside Bar may lead to declines in the direction of the recently defeated resistance.
As usually on Monday, not much is happening on the main chart and in the sentiment chart. Now all we can do is wait.
Very similar situation as above we have on GBP/USD. The pair is locked in Inside Bar, under key resistance. On the graph with the Ichoimoku indicator, this level coincides with the flat line of Senkou Span B from the weekly chart. its defeating will open the way to higher levels and we should see a move towards level 1.4500.
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A little more is happening on the USD/JPY pair. The pair can not decide on the support / resistance zone. It seemed that the last defense of support with a strong candle could have its continuation, but it did not happen. The pair was again under the zone. If the pair does not return over it in the near future, we should expect declines as a follow-up wave 3C.