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The Trader Advantage: Euro and Cable Looking To Separate
Excerpts taken from The Trader Advantage Program
Euro:
Price action is currently in a near-term downtrend, after it failed for four consecutive days to break above the 1.3800 area. In intra-day trade, the Eur/Usd might find some support in the 1.3600 area, near the 20-day moving average.
Additionally, the 1.3600 area was the main swing point of the last few weeks of trading. If 1.3600 fails, a test in the 1.3450 area may happen if S/P futures and oil valuations drop lower.
Elliott Wave: Upward complex correction from 1.3434 lows in process. Near-term bullish moves expected, but only if 1.3642 holds. Best moves at 2am and 7am ET. Daily range 140 pips. Weekly range 280 pips. RSI is Neutral. SMA is @ 1.3640. 12-month 90% correlation to Oil moves. Testing the technical daily chart range.
Cable:
Price action has reached three weeks high in recent trade, with near-term selling seen during the second part of the U.S. session and during the Asian trading hours testing the resolve of the new cable bulls. Over the medium term, Gbp is expected to outperform some of its counterparts, after it recently broke out of its downward channel.
At 05:30 ET, the market the U.K. money supply numbers were strong, but under the expected read. They were enough to send the pair back to the opening price range.
Elliot Wave: Upward complex correction from 1.4783 lows in process. Near-term bullish moves expected, but only if 1.4977 holds. Best moves between 8pm and 7am ET. Daily range 180 pips. Weekly range 350 pips. RSI is Neutral. SMA is @ 1.5150. 12-month -89% correlation to VIX moves. Oversold bounce unfolding.
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