Sunday 27 October 2013

USD is likely to take a rest and rebound next week

EUR/USD
GBP/USD
Looking cross-referencing the daily charts of the EUR/USD and GBP/USD, it is likely that the dollar could be rebounding after falling substantially for the few weeks due to the US Government shutdown and the "not-stopping" QE3 speculation by the markets due to weaker data.

From the charts above, it is notable that prices has hit major resistance levels, and especially GBP/USD which has declined much more than EUR/USD due to the fact that there is a big bear bat pattern identified.

Potential area for target will GBP/USD will be the region between 1.59 to 1.595 & for EUR/USD will be the region 1.36 then 1.345.

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