#EURGBP #ForexSignal: #Euro Falls Against #Pound After #ECB Meeting (12 April 2024)

• The euro has fallen against the British pound during the trading session on Thursday, breaking down below the 50-Day EMA.
• Ultimately, a lot of what we are seeing here is a simple continuation pattern of a potential accumulation phase.
• The market is currently dancing around the 0.8550 level, which is right in the middle of the overall range that we have been in for some time.

Underneath, we have the 0.85 level as a major support region, an area that has been tested multiple times. I think at this point in time, the market is likely to continue to look at that as a “hard floor” in the market, as it has been important more than once. The 0.86 level above is a major resistance barrier that a lot of people would pay close attention to, especially as the 200-Day EMA is sitting in that same area as well.

ECB Press Conference

The European Central Bank had an interest rate decision which of course was no change, but at this point in time, the market was paying more attention to the press conference afterward. Christine Lagarde suggested that the central bank would do something as soon as they think the inflation situation gets down to a reading of 2%. In fact, she even suggested that they were going to do things proactively down the road.

All things being equal, this is a market that I think is trying to form some type of accumulation phase and then bounce. The market is going to pay close attention to that 0.85 level, because it is so important from a longer-term technical analysis standpoint, and if we were to break down below there, it would obviously send the euro plunging. At this point, I don’t necessarily see that owning one currency over the other makes a huge difference, so I think we get a lot of back-and-forth more than anything else. However, we will eventually break out of this trading range, and once we do it’s likely that we will make a very significant move.

Potential signal

The EUR/GBP breaking above 0.86 has me buying this pair. I would have a 100 point stop, with a target of 0.8725 above. However, keep in mind that this market tends to move slowly, so patience will be needed.

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#EURGBP Starts to Take a Bullish Shape (13 March 2024)

• EURGBP gets rejected near 50-day SMA after rebound
• Market structure develops into a bullish double bottom pattern
• Buyers need a rally above 0.8577 to dominate

EURGBP could not surpass its 50-day simple moving average (SMA) at 0.8553 on Tuesday. However, the bullish double bottom pattern, which started to take shape around February’s base of 0.8500, might generate buying interest in the coming sessions in hopes the pair will soon stage an upside trend reversal.

The technical indicators have turned upwards, showing some improvement in market sentiment, but the RSI still needs to surpass its 50 neutral level. Moreover, the moving averages haven’t changed trajectory.

Traders should exercise caution until the price surpasses the 50-day SMA and closes above the neckline at 0.8577, which also aligns with the 38.2% Fibonacci retracement level. In the event that the bullish scenario materializes, the pair could be propelled strongly towards the 0.8600-0.8615 area. Should the pair breach the 61.8% Fibonacci of 0.8630 too, the recovery phase could pick up steam towards 0.8670.

Alternatively, if the price remains trapped below the 50-day SMA and pulls below the 23.6% Fibonacci of 0.8545, it might again seek support near the 0.8500 floor. A downtrend resumption beneath that threshold is expected to stabilize around the descending line from November at 0.8470 and then stretch into the 0.8400-0.8430 zone last seen in August 2022. Slightly lower, the August 2022 low of 0.8340 might next attract attention.

In brief, EURGBP set a strong foothold around the 0.8500 mark, which was also a major support zone in 2023, increasing optimism that the previous downward pattern will soon come to an end. That said, traders will wait for a confirmation above 0.8577.

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#EURGBP: Initial Reversal Signals Need More Work at the Upside for Validation (25 Jan 2024)

EURGBP rose in early Thursday’s trading, adding to initial signal of formation of reversal pattern on the daily chart, after Wednesday’s action ended in long-legged Doji candle, signaling indecision.

Oversold studies contributed to fresh profit-taking, though 14-d momentum is still in negative territory, signaling that underlying bears remain firmly in play for now.

Fresh gains see violation of initial resistances at 0.8574/77 (falling 10DMA / Fibo 23.6% of 0.8714/0.8535 bear-leg) as a minimum requirement to spark stronger recovery and expose next pivotal barriers at 0.8600 zone (descending 20DMA / Fibo 38.2%).

Otherwise, limited correction is likely to offer better selling opportunities for continuation of larger downtrend from 0.8714 (Dec 28 peak).

Res: 0.8574; 0.8592; 0.8604; 0.8625.
Sup: 0.8535; 0.8523; 0.8499; 0.8471.

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#EURGBP: Hits New Multi-Month Low, But Oversold Studies Continue to Obstruct Bears (6 Dec 2023)

EURGBP fell to three-month low early Wednesday, attempting to resume larger downtrend, after a brief consolidation in past two days.

Larger bears regained traction following a double rejection of recovery attempts and received fresh boost from weak German data (factory orders slumped in October and Nov construction PMI fell to the lowest since mid-2020).

Bears probe again through pivotal Fibo support at 0.8566 (76.4% retracement of 0.8492/0.8765) which contained several attacks in past few sessions, with firm break here to signal bearish continuation and expose targets at 0.8523 (Sep 5 higher low) and 0.8499 (2023 low, posted on Aug 23).

Daily studies are in full bearish setup but oversold, which may produce headwinds and keeps bears further on hold.

Current range top (0.8588) marks initial resistance, followed by broken Fibo 61.8% (0.8596), which should ideally cap upticks and guard upper pivot at 0.8623 (base of thick daily cloud/ falling 10DMA).

Res: 0.8573; 0.8588; 0.8596; 0.8623.
Sup: 0.8553; 0.8523; 0.8499; 0.8471.

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#EURGBP: Accelerates Higher on Brighter #German Investor Morale & Weak #UK Pay Growth Data (17 OCT 2023)

EURGBP jumped almost 0.4% in European session on Tuesday, as pound came under increased pressure on below forecast UK pay growth data, which further decreased bets for BoE rate hike in Nov 2 policy meeting.

On the other hand, German investor morale (ZEW report – Oct -1.1 vs Sep -11.4 and -9.3 f/c) improved well above expectations, providing strong boost to the single currency.

However, caution is still required as markets do not rule out possible stall of fresh advance, as economic situation in Germany remains fragile and economists expect further decline in inflation, which may negatively impact demand for Euro.

Improving conditions on daily chart (14-momentum broke into positive territory and MA’s turned to bullish setup) underpinning fresh advance, though bulls need clear break above cracked Fibo barrier at 0.8678 (38.2% of 0.8978/0.8492 descend, where recent attacks repeatedly failed to register firm break) to open way towards next key levels at 0.8697 (200 DMA) and 0.8705 (Sep 26 high).

Near-term bias is expected to remain with bulls while the action stays above rising 20DMA (0.8657).

Res: 0.8697; 0.8705; 0.8735; 0.8792.
Sup: 0.8657; 0.8639; 0.8616; 0.8607.

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EURUSD,#GBPUSD,#USDJPY,#EURGBP,#NZDUSD,#USDCHF,#GBPCHF: Weekly #Forex Forecast (3- 9 September 2023)

EUR/USD

The EUR/USD went into this weekend near the 1.07730 ratio which was a low for the week and came within sight of depths created on Friday the 25th of August. The trading landscape for the EUR/USD remains dangerous and speculators who have believed the currency pair has been oversold have likely found trading rather challenging. The EUR/USD did climb early in the week and attained a high around the 1.09445 mark on Wednesday the 30th of August.

However, the upward momentum of the EUR/USD proved short-lived. The highs seen this past Wednesday did touch higher values produced on the 15th of August. But the highs being spoken about in the middle of August were actually taking place as the EUR/USD was within the firm grasp of bearish sentiment and trading lower. The EUR/USD was trading near the 1.12780 level on the 18th of July.

EUR/USD has Traded Lower but Remains Correlated to the Broad Forex Market

Speculators are likely hearing about the rather negative economic data that is being presented in Europe particularly from Germany as recessionary pressures are having an effect on the EU and its outlook. However, traders need to also remember the downward momentum in the EUR/USD is correlating to the broad Forex market and the results from the currency pair are not a stand-alone event. Other major currencies are suffering against the USD too. And the EUR/USD actually remains in the middle ground of its six-month technical charts.

Nervous sentiment has certainly produced strong selling in the EUR/USD, but conditions have not been a one-way avenue downward. Last week’s price action certainly showed dynamic buying earlier in the week, but – yes, was overtaken by more selling sentiment. This leaves EUR/USD traders within a challenging landscape, but they are not alone. The U.S will be on a holiday tomorrow and trading volumes will be light, so speculators early this week should be careful and wary of sudden volatility erupting in what appear to be calm markets. This Tuesday’s return of full volume could produce rather interesting action in the EUR/USD.

EUR/USD has the Attention of Financial Institutions and Day Traders

• The EUR/USD certainly feels oversold to many day traders, but the price action of the currency pair has remained bearish and selling before going into the weekend was strong.
• Speculators this week should be prepared for more nervousness as sentiment gets interpreted because there will be a lack of significant economic data from the EU and U.S. in the coming days.

EUR/USD Weekly Outlook:

The speculative price range for EUR/USD is 1.06710 to 1.09360

The wide price range in the EUR/USD has certainly tested the fortitude of traders over the past handful of weeks. Volatility in the EUR/USD has been newsworthy and is getting a lot of media attention. Perhaps this is a good thing and shows that we may be reaching the height of market nervousness. Yes, things could grow more nervous, certainly if bad news comes from the U.S. regarding downgrades via rating agencies for corporate banks. However, if the markets can begin to regain their composure it is possible the selling within the EUR/USD which has dominated the past month and a half might start to run out of power.

Finding the turning point in a Forex pair when direction begins to change and sustain movement in an opposite direction is a dangerous endeavor. Timing the market has been known to make many traders lose their money, instead of simply pursuing a trend that is known. The movement downward in the EUR/USD has been strong, even if it has been believed overdone. Support near the 1.07500 to 1.07300 marks should be watched this week, if they do not hold this would be a bad sign possibly for the EUR/USD and mean another leg down could be demonstrated.

Without any major economic data coming this week, the EUR/USD will have to rely upon existing sentiment. If calmer conditions develop in the broad markets, perhaps the EUR/USD could start to climb again like it tried to early last week. The EUR/USD reflects the amount of nervousness in the broad global markets quite well. Some traders may rightly believe the currency pair has been sold too much, but knowing precisely when the trend will reverse higher and be sustained in the EUR/USD has proven difficult this summer.

GBP/USD

The GBP/USD went into the weekend near the 1.25855 level and within sight of lows made earlier in the week around the 1.25600 ratio on Tuesday of last week. The GBP/USD did reach a high of nearly 1.27485 on Wednesday, and held its value higher on Thursday but started to stumble on Friday again. U.S. jobs data was published on Friday and actually came in what could be perceived as ‘favorably’ to create weaker USD price action, but that did not happen.

Behavioral sentiment seemingly remains high in the financial markets and the GBP/USD has been sold off in the wake. The choppy conditions seen last week however were expected, and trading in the coming days will likely provide more nervousness.

The GBP/USD is within sight of intriguing support levels and this may prove tempting for speculators with a taste for excitement. Not only did the GBP/USD close near its weekly low, but it is not much higher than its monthly low which took place on Friday the 25th of August when the currency pair challenged the 1.25500 level.

Speculative Wagers and Thoughts of the GBP/USD Being Oversold

Traders who want to wager on the GBP/USD being oversold should not get too aggressive quite yet. The nervous sentiment that has lingered in Forex and the broad financial markets since the second week of July is still shadowing. The GBP/USD remains above values seen in May and early June of this year, but support should be watched closely around the 1.25450 level.

Traders in the next couple of days need to remember tomorrow is a banking holiday in the U.S. and Forex markets will be relatively quiet. With major U.S financial houses gone for a long holiday, this could open the door for more nervous trading in the GBP/USD tomorrow, support levels will need to prove durable for bullish sentiment to build.

However, tomorrow’s trading may not look anything like the trading that develops on Tuesday. Speculators need to be prepared for the potential of additional volatility hitting in the middle of this week, particularly as financial institutions brace for what may be changing outlooks based on lackluster U.S data which has been seen the past couple of weeks.

Relatively Light Data this week so Traders will Rely upon Behavioral Sentiment

• As traders return from the long holiday weekend in the U.S., they will rely upon their perceptions regarding what is to come without major economic data coming from the UK or States this week.
• Support levels may prove important tomorrow because the GBP/USD is within sight of last week’s low. If the 1.25800 to 1.25750 levels can be maintained, this may be interpreted as a buying signal.

GBP/USD Weekly Outlook:

The speculative price range for GBP/USD is 1.24860 to 1.27340

Trading the past week in the GBP/USD certainly produced the nervous results that were expected. The range in the GBP/USD while testing highs in the middle of the week, stumbled again. Because of the U.S. banking holiday tomorrow, the GBP/USD may produce rather suspicious results again tomorrow. Volumes will certainly be lighter than normal tomorrow, but Tuesday’s trading could produce price velocity as financial institutions fully engage and pursue their positions.

While speculators may look at the GBP/USD and perceive that it has been vastly oversold, Forex conditions remain nervous and the USD has produced strength in a rather aggressive manner against many major currencies. Traders looking for upside price movement to develop should remain patient and not get overly ambitious regarding bets they make looking for upside.

USD/JPY

The US dollar has been all over the place against the Japanese yen, but the most prescient part of the week might’ve happened on Friday as we initially plunged, only to see buyers come in and start going along yet again. At this point, we break above the top of the candlestick, then it’s likely that we go to the ¥150 level. On the other hand, we break down below the bottom of the candlestick, then the ¥142.50 level is an area where we would see a lot of support. Buying on pullbacks to pick up value is the way to go going forward as the interest rate differential continues to favor this market.

EUR/GBP

The euro has gone back and forth during the course of the trading we, as we continue to hang around the 0.85 level as support. We have been going back and forth between the 0.85 level underneath and the 0.87 level above. In general, this is a market that shows that perhaps short-term traders will continue to take advantage of the overall consolidation area that is so clearly marked out on this chart.

NZD/USD

The New Zealand dollar initially tried to rally during the course of the week, but the 0.60 level continues to offer resistance. The area previously had been a major support level, and of course is a large, round, psychologically significant figure. If we break down below not only this candlestick but the one before it, I believe that the New Zealand dollar will plunge toward the 0.57 level, possibly even the 0.55 level. On the other hand, if the market were to break above the top of the week, it’s possible that we could look into the 0.62 level.

USD/CHF

The US dollar initially pulled back during the course of the week, only to turn around and show signs of life. We are now threatening the top of the big wipeout candlestick, and it looks like we could go higher over the longer term, at this point, I think short-term pullbacks continue to offer buying opportunities. After all, the 0.8650 level has been a major support level over the longer-term monthly charts. If we break above the 0.89 level, then it’s possible that we could go looking to the 0.90 level which of course is a large, round, psychologically significant figure. If and when we break above there, then it’s likely that the dollar will crush the Swiss franc.

GBP/CHF

The British pound has gone back and forth during the course of the trading week against the Swiss franc, as we continue to see the 1.10 level offer a massive support level. At this point, I think we probably continue to see a lot of short-term back-and-forth, and I do think that we have to look at this through the prism of trying to figure out where we are going next. If we break down below the 1.10 level, then it’s likely that we could plunge toward the 1.05 level.

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#EURGBP: Bulls Hold Grip But Still Face Headwinds from Strong Resistances : 29 June 2023

EURGBP is consolidating after 0.70% advance in past two days, sparked by renewed ECB and Fed’s hawkishness, but keeps firm tone for renewed attack at pivotal 0.8643/54 barriers (Fibo 38.2% of 0.8875/0.8518 / 10WMA) where bulls faced significant headwinds.

Improving daily studies on rising positive momentum, MA’s (10/20/30) now in bullish setup and 10/20 DMA bull-cross formation, support the action and add to positive fundamentals, after the ECB signaled further rise in interest rates and warned that borrowing cost will remain elevated for extended period.

Bulls need a clear break through cracked 0.8643/54 barriers to confirm initial bullish signal and spark further retracement of 0.8875/0.8518 descend.

Falling 55DMA marks initial target at 0.8682, followed by 0.8696 (50% retracement), with stronger bullish acceleration to focus 0.8740 zone (Fibo 61.8%, reinforced by diverging 100/200DMA’s, which formed a bear-cross.

Caution on repeated failure to clear 0.8643/54 barriers, which would signal that bulls might be running out of steam, but near-term bias expected to remain positive while the price action stays above broken daily Kijun-sen (0.8613).

Res: 0.8654; 0.8682; 0.8696; 0.8740.
Sup: 0.8623; 0.8613; 0.8588; 0.8535.

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#EURGBP Technical: Minor Downtrend Intact (11 May 2023)

• EUR/GBP is still evolving within a major sideways range since August 2017 with its key resistance and support at 0.9300 and 0.8300.
• A minor downtrend phase has started to develop from its 3 February 2023 high of 0.8979.
• Short-term downside momentum remains intact below 0.8750 key short-term resistance.

Since the start of this week, the EUR/GBP cross pair has continued its drop by 0.9% to print its current intraweek low of 0.8671 where market participants anticipant that the Bank of England (BoE) is likely to maintain its hawkish monetary policy stance throughout 2023 after its monetary policy decision due later today.

It is widely expected that BoE will hike its policy interest rate by another 25 basis points to 4.5%, its 12th consecutive rise and it is still way behind a red-hot March CPI print of 10.1% year-on-year inflationary growth for the UK.

Let’s now take a look at the recent EUR/GBP movements from a technical analysis perspective.

Since its 3 February 2023 high of 0.8979, the EUR/GBP cross rate has started to evolve into a minor downtrend phase with the upper and lower limits of its short-term descending channel at 0.8865 and 0.8630 respectively. In the longer-term (monthly chart), it is still trapped inside a major sideways range configuration since August 2017.

Since last Friday, 5 May, its price actions have broken and traded below the key 200-day moving average now acting as a resistance at around 0.8730. In addition, the 4-hour RSI oscillator has rebounded from its recently reached oversold region (below 30%) but has not formed any bullish divergence signal yet.

In addition, the 4-hour RSI is still capped below by a corresponding descending resistance at the 50% level. These observations suggest that short-term downside momentum remains intact. The next intermediate support to watch will be at 0.8630 and a break below it exposes the next support at 0.8570.

However, a clearance above 0.8750 short-term pivotal resistance negates the bearish tone to see the descending channel resistance coming in at around 0.8865 which also confluences with the minor swing high areas of 23 March/27 April 2023.

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#GBP Might Strenghten as #GDP Posts Positive: 11 FEB 2022

On Friday 10th February 2023, the Office for National Statistics published the figures for the Gross Domestic Product (GDP) as 0.1% which turned out greater than the initial forecast of -0.2%. As a result of the positive outlook of this report, we need to examine the short-term impact on GBP pairs from a technical point of view.

GBPUSD

GBPUSD is currently reacting from the confluence of the trendline support, the 200-Day moving average, and the 88% Fibonacci level. Also, since the 50-Day moving average already crossed above the 100 and 200-period averages, there’s a huge chance we get to experience some bullish price action all the way to 1.24854 or higher.

Analysts’ Expectations:

• Direction: Bullish
• Target: 1.24854
• Invalidation: 1.19492

GBPCAD

Despite being in a downtrend, GBPCAD can be seen to have broken above two previous highs. This indicates the possibility of a bullish reaction from the highlighted drop-base-rally demand zone. I personally expect a typical case of a buy-to-sell movement to come into play in this scenario.

Analysts’ Expectations:

• Direction: Bullish
• Target: 1.63470
• Invalidation: 1.60654

GBPJPY

GBPJPY has recently created a wedge pattern, and within this wedge the most recent price action has been a bullish reaction from the trendline support, leaving us with the option of a bearish rejection from the rally-base-drop supply zone. The 50-Day moving average acts as an additional confluence to validate our prediction.

Analysts’ Expectations:

• Direction: Bearish
• Target: 156.21
• Invalidation: 161.908

GBPAUD

GBPAUD is currently reacting from an area of supply. The 100-period moving average and the trendline resistance are an added confluence for the bearish price action since price is currently constricted within a wedge pattern.

Analysts’ Expectations:

• Direction: Bearish
• Target: 1.73278
• Invalidation: 1.75482

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

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#EURGBP Rally Overbought But Still Supported (21 SEPTEMBER 2022)

EURGBP started the week on the back foot after securing seven consecutive green weeks, with the price gradually retreating from Monday’s 19-month high of 0.8788.

The 0.8720 level, which switched from resistance to support on Tuesday, is currently under examination on the downside, along with the steep tentative ascending trendline. Should the bears breach that base, selling pressures could intensify towards the 0.8679 bar. Slightly lower, the 20-day simple moving average (SMA) at 0.8645 may cancel any extensions towards the intra-swing low of 0.8565.

According to the momentum indicators, the market is looking overbought and further deterioration is possible as the RSI has slipped back below 70 after hitting a wall near May’s ceiling for the third consecutive time. Meanwhile, the stochastics have posted a bearish cross above their 80 level, while the MACD, although above its red signal line, is showing some signs of weakness as well.

Nevertheless, if buyers defend the pair above 0.8720, the price may attempt to surpass the 0.8788 top and run towards the key 0.8860 constraining zone, which has been a strong barrier to upside and downside moves during April 2020 – January 2021. A decisive close above it may prompt an exciting rally up to the 0.8925 number, last active in January 2021.

Summarizing, EURGBP seems to have reached overbought conditions, backing the current selling forces in the market. However, hopes for an upturn will remain in place as long as the 0.8720 floor stands firm.

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#EURGBP: Reversal Pattern is Forming on Daily Chart (20 SEPTEMBER 2022)

Daily chart shows initial signs of fatigue of the larger uptrend, as bullish momentum is fading and stochastic is reversing from overbought territory.

Also, evening Doji star pattern is forming on daily chart, which would, if completed, generate initial reversal signal.

The Euro was deflated on Tuesday by news regarding Ukrainian conflict and data that showed record EU’s current account deficit.

All eyes are on Fed’s policy meeting, which started today and the decision will be announced tomorrow, with prevailing expectations for 0.75% hike, but jumbo 1% increase is also in play, though with significantly lower percentage of support.

Fresh easing dented initial support at 0.8730 (rising 5DMA) but requires further verification on extension through 10DMA/ 200WMA (0.8701) and Fibo 23.6% of 0.8339/0.8787 (0.8681) to weaken near-term structure and open way for deeper pullback towards key supports at 0.8625/16 (Sep 14 through / Fibo 38.2%).

Res: 0.8787; 0.8800; 0.8850; 0.8880
Sup: 0.8724; 0.8701; 0.8681; 0.8625

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#DowJones Remains on Edge ahead of Bank Earnings Season (14 JULY 2022)

American stocks declined while the U.S. dollar retreated after the strong American consumer inflation data. The numbers showed that the country’s inflation surged to a multi-decade high of 9.1% in June. That increase was bigger than the median estimates of 8.8%. However, core inflation rose at a smaller pace than what analysts were expecting. These numbers imply that the Federal Reserve will likely embrace a more hawkish tone in the coming months. Analysts are now pricing in a 100 basis points hike when the bank meets later this month. Today, the U.S. dollar will react to the latest producer price index (PPI) data.

American equities also retreated as several large American companies started publishing their quarterly results. Delta delivered a bigger profit than expected but warned that inflation will likely lead to thinner margins later this year. This view was shared by PepsiCo, the second-biggest beverage company in the world. Many large companies are expected to publish their results today. This includes companies like Taiwan Semiconductor, JP Morgan, Morgan Stanley, and Cintas. These are important companies because they lead their respective industries and are key barometers of the economy.

The Canadian dollar rose sharply against the US dollar after the latest interest rate decision by the Bank of Canada. The BoC caught most investors by surprise when it decided to hike interest rates by 100 basis points. It pushed the official rate to 2.25% and warned that more hikes will likely happen later this year if inflation remains stubbornly high. The economic calendar is relativle light today. The only important events will be the the U.S. PPI figures and initial jobless claims.

USDCAD

The USDCAD pair declined to an intraday low of 1.2945, the lowest level since July 11. On the four-hour chart, the pair has moved slightly below the 25-day moving average while the Stochastic Oscillator and the Relative Strength Index (RSI) have pointed downwards. The pair has also formed a triple-top pattern. Therefore, the pair will likely have a bearish breakout as sellers target the support at 1.2850.

EURUSD

The EURUSD pair dropped to the parity level after the strong US consumer inflation data. It then bounced back to the current 1.008, which was the highest point since Tuesday. It remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) and the Stochastic Oscillator are pointing upwards. Therefore, the pair will likely continue oscillating in this range and then have a bearish breakout.

EURGBP

The EURGBP pair moved sideways as investors focused on the political happenings in the UK. It is trading at 0.8453, which is slightly above this week’s low of 0.8400. On the four-hour chart, Bollinger Bands have narrowed while the MACD remains below the neutral point. The Williams % Range has moved above the oversold level. Therefore, the pair will likely have a bearish breakout as sellers target the next support at 0.8400.

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