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Daily analytical report (08/02/19)

2019-02-08T09:30:00

08 February

We’ll start with the bullish setup, which can be found on EURCHF. Here, we have an inverse head and shoulders pattern, which is part of a bigger double bottom formation. A buy signal was triggered when the pair broke the mid-term downwards trend line (black). That signal was additionally strengthened by the price breaking the neckline at the end of January. Currently, the broken resistance is being tested as a support, which in theory is a good occasion to buy. This is purely theoretical, though, as the bearish momentum is quite big and the overall sentiment on the euro is not encouraging.
The next setup is clean and simple. Yesterday, EURGBP broke the lower line of the wedge pattern (blue). The wedge is a trend continuation pattern and the main trend is bearish, which is why our outlook is negative. Our potential target is at the green support around 0.864
The last setup is on EURJPY, where we also have a sell signal. The price has bounced from the major long-term resistance and broken the support of the local correction. Target here is at the lows from the flash crash that happened at the very beginning of the year.