The overall trend is upward. The descending pattern of the M30 level is truncated and this is probably a wave (B) in the ascending pattern of the H2 level. The currency pair is trading in the range of 365 and 135 moving averages.
monitor the price …
The pair forms a “descending flag” pattern within an ascending trend. The decline in risk appetite after the recent strong rally weighs on the markets. The pair is expected to continue to consolidate further.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA …
Thursday, January 21st, today’s news—global markets are optimistic as Joe Biden takes office, and more stimulus is expected in the US. Investors await the ECB monetary policy meeting, dollar continues to weaken. The price of Brent oil is $55.66, WTI—$52.93, EUR/USD is at 1.2136, GBP/USD—1.3742, gold is $1,870.10 per ounce. …
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