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After a short decline, the EUR/USD pair has returned to the range of 1.1770 once again, where there was a variable fluctuation in the range of 1.1770/1.1800 recently.
The recovery process relative to the decline last October 6 suggests that the corrective movement from the local low of 1.1612 is still relevant in the market, but, as before, a strong resistance level of 1.1810 hangs over traders.
In regards with the current fluctuation, there was a variable amplitude of 1.1760/1.1780, where the quote has been located for more than 15 hours. In fact, we have a similar accumulation, as in the previous period, which is highly likely to lead to a surge in activity when a particular border is broken.
- Buying a pair is recommended at a price above 1.1785, with the prospect of moving to 1.1800.
- Selling a pair is recommended at a price below 1.1755, with the prospect of moving to 1.1725.
On the other hand, the GBP/USD pair worked out the support level, returning the quote to the level of 1.2950, instead of letting the price consolidate below the level of 1.2865. In fact, there is a repetition of the amplitude on September 16-18, where the market development scenario was very similar to the current market.
The argument refers to the price fluctuation between the levels of 1.2865/1.3000, where the second value was eventually confirmed as resistance.
The downward interest remains in the market until the level of 1.3000 is broken, and the quote is below it.
If we refer to the natural basis on September 16-18, the price repeatedly worked out the level of 1.3000, before a decline in the market occurred.
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