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Minuette operational scale (H1)
Reports from the forex-front and operational review of options for the movement of EUR/USD & GBP/USD in the H1 time frame from August 19-21, 2020.
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Euro vs US dollar
The development of the movement of the single European currency EUR/USD on August 19-20, 2020 will depend on the development and direction of the breakdown of the borders of the 1/2 Median Line channel (1.1960 - 1.1946 - 1.1935) of the Micro operational scale forks - the movement markings within this channel are shown in the animated chart.
A breakdown of the support level of 1.1935 at the lower border of the 1/2 medium Line Micro channel will direct the movement of EUR/USD to the borders of the equilibrium zone (1.1905 - 1.1885 - 1.1865) of the Micro operational scale forks and 1/2 medium Line channel (1.1855 - 1.1830 - 1.1805) of the Minuette operational scale fork.
The breakdown of the resistance level of 1.1960 at the upper border of the 1/2 Median Line Micro channel will determine the development of the movement of the single European currency within the equilibrium zone (1.1960 - 1.2000 - 1.2040) of the Minuette operational scale.
We look at the EUR/USD movement options on August 19-21, 2020 on the animated chart.
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Great Britain pound vs US dollar
The development of the movement of Her Majesty's currency GBP/USD on August 19-21, 2020 will also be determined by the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (1.3245 - 1.3230 - 1.3215) of the Micro operational scale forks - the movement markings within this channel are shown in the animated chart.
In case of breakdown of the lower border of the 1/2 Median Line Micro channel - support level of 1.3215 - the downward movement of GBP/USD can be continued to the boundaries of the equilibrium zone (1.3205 - 1.3190 - 1.3170) of the Micro operational scale, and in case of breakdown of ISL61.8 Micro (1.3170), it will become possible for the price of the instrument to reach the equilibrium zone (1.3145 - 1.3110 - 1.3075) of the Minuette operational scale fork.
If the resistance level of 1.3245 breaks at the upper border of the channel 1/2 Median Line Micro, it will be possible to continue the development of the upward movement of GBP/USD to the goals:
Details of the development of the GBP/USD movement on August 19-21, 2020 are shown on the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).
Formula for calculating the dollar index:
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
Where the power coefficients correspond to the weights of currencies in the basket:
Euro - 57.6 %;
Yen - 13.6 %;
Pound - 11.9 %;
Canadian dollar - 9.1 %;
Swedish Krona - 4.2 %;
Swiss franc - 3.6 %.
The first coefficient in the formula brings the index value to 100 on the starting date - March 1973, when the main currencies began to be freely quoted relative to each other.
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