Brent DAX #GBPEUR feels like it should be a report at Easter! This currency pairing, for so long looking trapped in a dark cave, is actually starting to develop some recovery potentials. Perhaps Boris is doing a Mr Trump, ridiculed by media but regardless, appearing to do something right!
A key level has developed at 1.1688. This isn’t one of our usual “higher high” things but instead, a calculated level above which it ‘should’ make travel toward 1.2039 difficult to avoid. In the event of the market actually closing above this target level, a longer term 1.2869 computes as possible.
It’s worth taking a step back and viewing the chart. Historically, since 2016 this pairing has experienced issues at the 1.20 level. For this reason, we’re suggesting only closure above 1.2039 is liable to introduce the next big step in the pairings future. But it’s also worth considering if the present Brexit hiatus continues, it’s very probable the relationship will continue in a trading range between roughly 1.10 and 1.20.
For things to start going wrong, we would raise an eyebrow if the pairing now weakens below 1.140 as this threatens reversal down to an initial 1.1215. If broken, our secondary calculates at 1.0920. Visually, this shall indicate a very firm return to being trapped in its “same old, same old” trading range.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
6:46:29PM |
BRENT |
59.12 |
58.48 |
58.125 |
57.5 |
59.58 |
60 |
60.395 |
61.21 |
59.25 | |
|
7:02:25PM |
GOLD |
1490.4 |
‘cess | ||||||||
|
7:23:18PM |
FTSE |
7147.02 |
‘cess | ||||||||
|
7:24:46PM |
FRANCE |
5640.2 |
‘cess | ||||||||
|
7:57:53PM |
GERMANY |
12670 |
12597 |
12520.5 |
12422 |
12694 |
12724 |
12754.5 |
12807 |
12594 | |
|
7:59:32PM |
US500 |
2990.42 |
‘cess | ||||||||
|
8:01:24PM |
DOW |
26803.7 |
Success | ||||||||
|
9:09:58PM |
NASDAQ |
7872.99 |
Success | ||||||||
|
9:11:47PM |
JAPAN |
22496 |