years on the market
Monday, April 20th—today's news: American oil prices plummet almost 20%. European markets trade higher on the positive earnings reports, the US dollar rises. EUR/USD is at 1.0875, GBP/USD—1.2456; Brent oil is $27.01 per barrel, gold is $1,692.90. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The overall trend is upward. The 1.2410 support level is holding back sellers. The descending (blue) pattern ended with the breakout of an inclined channel. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator shows an exit from the oversold zone. Breaking through the resistance level 1.2522 will result in the formation of an ascending wave pattern within the ascending H12 level wave (C). Keep track of the rate changes in real-time.
Trading recommendations: buy on the breakout of the resistance level 1.2520 (while an ascending pattern is forming); stop loss: 1.2410; target levels: 1.2643, 1.2750.
The trend continuation pattern Flag has formed on the chart. The support level of 182.60 is holding back sellers, and the price pivot zone of 188.44 is holding back buyers. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversold. A breakthrough of the price pivot zone of 188.44 will result in a breakthrough in the descending price channel (the upper border of the flag pattern). Keep track of the rate changes in real-time.
Trading recommendations: buy above 188.44; stop loss: 182.60; target levels: 195.00, 200.00, 211.42.
The pair is consolidating below 108.00 as the global demand for risk assets cautious recovers, stimulated by the late last week’s news on the successful COVID-19 drug trial in the US. Any positive news in this regard will push the pair to growth. Keep track of the rate changes in real time.
Trading recommendations: buy the pair after it crosses the 108.00 with a likely local target of 109.20.
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*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.