EURUSD - Falling Wedge
The drop in the price of EURUSD, started on 9th of June, has drawn a Falling Wedge. This price pattern is usually giving strong bullish signals. A break above the upper line of the pattern can be considered a confirmation for the signal, since it will increase the probability of a rally in favor of the Euro.
Currently the currency pair is trading under a very strong resistance area formed by the the resistance from 1.1230 and the upper line of the Wedge. A break above this level could trigger a strong rally towards the next intermediate resistance from 1.1278, or even 1.1300. On the other hand another drop to the 1.1190 could build up pressure and break it.
GBPUSD - Piling Up Pressure
The GBPUSD has managed to bounce once more from the 1.4085/4100 support area, though the Brexit polls and speculations have been pushing the pound down for the past two weeks. The rally stopped at a local resistance, very close to the 1.4200 round number level, and the downtrend line. I am expecting the price to come back down to the support area piling up down pressure. A break below this area could trigger a steeper drop towards 1.4000.
OIL WTI - Bullish Price Pattern
OIL WTI has drown a Falling Wedge on a downtrend. Usually found in these conditions is known to act as an Ending Diagonal. This pattern is known to be a bullish one. If the price will break above the upper line of the pattern and, I would add, above the local resistance from 40.10, the pattern can be considered confirmed. The breakout could then be followed by a rally towards the next important resistance area found between 48.70 and 49.00 dollars per barrel.
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