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The EUR/USD currency pair follows the course 1.1780/1.1850 for the fourth day in a row, where market participants failed to break through the set boundaries. The price movement in a narrow range can focus their attention on speculators, who will try to break through the set boundaries by the market. As a result, a sharp surge in activity can be expected, from which earning profit is possible.
Based on the above information, we can consider the following:
- Buying a currency pair, after the price consolidates above 1.1850, is recommended, with the prospect of moving to 1.1900
- Selling a currency pair, after the price consolidates below 1.1770 - 1.1780, is recommended, with the prospect of moving to 1.1755 - 1.1700.
It should be noted that when analyzing the EUR/USD currency pair from a general perspective, you can see the price movement in the side channel 1.1700 // 1.1910 (lines No. 6 and 4), where the current price fluctuation in the amplitude 1.1780/1.1850 is made along the average level of 1.1810 (line No. 5).
The GBP/USD currency pair crossed the upper border of the side channel 1.2985 // 1.3085 // 1.3185 (lines No. 6, 5, and 4) again, which confirmed the breakdown. It can be assumed that the upward interest, set at the beginning of this week, may persist in the market, directing the quote towards the local highs on August 19 and 21. In this case, the quote must consolidate above 1.3225, which will indicate the way towards the 1.3250/1.3265 area.
As an alternative, we can consider the current decline within the 1.3190/1.3222 area as a possible platform for a corrective movement.
Based on the above information, we can consider the following:
- Buying a currency pair, after the price consolidates above 1.3225, is recommended, with the prospect of moving to 1.3250 - 1.3265
- Selling a currency pair, after the price consolidates below 1.3180, is recommended, with the prospect of moving to 1.3135.
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