Last week this pair confirms the negative divergence as a possible reversal by clearly break the low channel and directly touch 1.3 figure support, if the pull back is strong enough this pair may reach 1.3125 resistance level with the downside target area around 1.288 major support - 1.29 (fib. key level) OR ranging again inside the descending channel if the view is positive on this pair and clearly breaks the resistance lines (by descending lower channel, previous high price action, and the uptrend line)
remember, always think of possibilities.
(those arrows are just a possible direction of the market, don't bother with the time because mainly I analyze the market using Renko chart and in Renko time is not an element, only price action.)
Some Economic events with high volatility impact next week are :
Eurozone GDP report (Jan 09)
BoE Interest rate decision (Jan 10)
ECB Interest rate decision (Jan 10)
ECB Monetary policy statement and press conference (Jan 10)
UK NIESR GDP Estimate (Jan 11)
remember, always think of possibilities.
(those arrows are just a possible direction of the market, don't bother with the time because mainly I analyze the market using Renko chart and in Renko time is not an element, only price action.)
Some Economic events with high volatility impact next week are :
Eurozone GDP report (Jan 09)
BoE Interest rate decision (Jan 10)
ECB Interest rate decision (Jan 10)
ECB Monetary policy statement and press conference (Jan 10)
UK NIESR GDP Estimate (Jan 11)