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Daily analytical report (08/02/19)

  • 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.

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