Forex EUR/USD Daily Video, April 22, 2022

[Sive Morten]

Good morning,

It seems that common sense returns on the market, supported by recent J. Powell and C. Lagarde statements. Although market stands at vital point of the H&S pattern that we've discussed yesterday - we're skeptic on its perspectives and suggest that bears have more chances to succeed.

 

[soul rebel]

thanks for all your updates Sive
what do you think about cable now that it is reaching the pre-defined level XOP at 12890?

 

[Sive Morten]

Hi Viresh,
well, as a rule, acceleration before the target is a bad sign. So, maybe some reaction comes from 1.618 butterfly target, but to be honest, it seems that we're going to weekly AB-CD OP target around 1.2680
We have few negative moments on GBP:

Sterling falls to lowest since late 2020 versus dollar

Sterling fell to its lowest level since late 2020 versus the dollar on Friday, after data showed British retail sales dropped in March by more than expected.

www.reuters.com

BoE's Mann sees risk of UK inflation ratcheting higher

Bank of England interest rate-setter Catherine Mann said on Thursday that borrowing costs would probably have to rise further as consumer demand is unlikely to fall soon enough to stop businesses from pushing through price increases.

www.reuters.com

So, I'm a bit skeptic on any bullish patterns now.

 

[soul rebel]

Thanks Sive, that's good to know

 

[Ishnmath]

It's great that you communicate with other traders, you're supportive, that's why many of us spend time on forums, because it's important, it can help...

 

[Gaffyn]

Everything has a tendency to break down and rebuild.
I'm in a philosophical mood today.