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Let’s start with the GBP/USD pair, which is currently facing strong selling pressure around $1.26823. The presence of a “three black crows” pattern, consisting of three consecutive bearish candles, suggests a potential continuation of the downtrend. Keep an eye on key support levels at $1.26730, $1.26446, and $1.26160, while immediate resistance is seen at $1.27544 and $1.27911. The 50-day EMA at $1.29883 and the 200-day EMA at $1.28569 further support the bearish outlook, emphasizing the importance of breaking above $1.27544 to avoid further declines.
Meanwhile, the Euro (EUR) remains stable after Germany’s 10-year bond auction with a yield of 2.38%, slightly higher than the previous 2.31%. Tomorrow brings key economic indicators, including Flash Employment Change and GDP forecasted at 0.2% and 0.4%, respectively, along with a projected decline of 1.3% in Industrial Production. Traders eagerly await the European Central Bank’s (ECB) Monetary Policy Meeting Accounts release, scheduled for 5:30 p.m., which could provide valuable insights into the ECB’s rate decisions and economic outlook.
Stay ahead of the game with Extreme Investor Network as we deliver expert technical forecasts and in-depth analysis on major currency pairs like EUR/USD. Our platform offers unique insights and valuable information that will give you the edge you need to succeed in the fast-paced world of forex trading. Join us today and elevate your trading experience!