Forex FOREX PRO WEEKLY, November 28 - 02, 2022

Andreas72s

Corporal
Messages
70
GBPCAD Updates (1H): Pullback or Reversal?

View attachment 81236
Target hit! ...but trend is still bullish...

Hi everybody!
On 1h chart there is a possible H&S formation and its failure should push the price around the resistance at 1.6490. Conversely, a bearish consolidation phase should begin...

GBPCAD (1H).PNG
 

Andreas72s

Corporal
Messages
70
Target hit! ...but trend is still bullish...

Hi everybody!
On 1h chart there is a possible H&S formation and its failure should push the price around the resistance at 1.6490. Conversely, a bearish consolidation phase should begin...

View attachment 81279
From a technical point of view, from area around 1.65 I expect some corrective structure to appear in short term, we'll see...

GBPCAD (1H).PNG
 

Sive Morten

Special Consultant to the FPA
Messages
17,130
Morning guys,

So, EUR is keep going higher, but still lagging to Gold and DXY, which have touched already monthly 3/8 levels. Still, EUR is not at overbought right now and has chances to complete finally 1.0570-1.0590 resistance cluster area:
eur_d_02_12_22.png


On 4H chart, as we've suggested, price has erased "Evening star" pattern:
eur_4h_02_12_22.png


On 1H chart now we have also local 1.0566 target. Thus, we could set the target area as 1.0566-1.0595. As we're coming closer to NFP, now price could turn consolidation. We do not expect any big retracement, just because major target is not reached yet.
eur_1h_02_12_22.png


That's being said, nothing to do for the bears by far. Taking of a new long position also looks tricky, as price stands very close and it is a question where to place stop. And uncertainty of NFP data, but theoretically it is possible with stops under 1.0470 lows and for last upside effort to 1.0570-1.0580.
 
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