A review of the most interesting trading opportunities is a daily cycle of analyzes under the patronage of the FX88 broker, where we present the most interesting possible Price Action setups.
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USDPLN has been moving south again for two weeks. Looking at the daily interval, we can see that if only these declines are continued, in the near future we could even expect a re-test of the area around 3.3150.
Looking at the 30-minute interval, however, we notice that the market has been moving horizontally for three days. As it turns out, only overcoming the lower limit of this consolidation could, in this case, open the way for further declines.
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As a result of long-lasting increases, EURCHF currency pair reached the level of 1.20, where today the first supply reaction appeared. It is worth recalling that this level was defeated exactly on January 15, 2015, when the Swiss National Bank decided that the artificial maintenance of the rate over 1.20 is too expensive (the Swiss Bank had to buy European currency all the time or sell francs so that the rate would not fall below). With the abandonment of the fixed exchange rate at 1.20, there was a drastic and unexpected breakdown of the market, which was hailed as Black Thursday.
If the resistance tested at present is rejected, we would expect a reversal, for which (from the technical point of view) the potential target could be the area around the recently defeated resistance (now support), ie the level of 1.1800.
The current situation on the EURGBP currency pair is still noteworthy, as a result of ongoing increases from Wednesday, the lower limit of earlier consolidation has been re-tested. There today, the first supply reaction has already appeared and if this zone is rejected, we could expect further declines.
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