What a busy day! EURGBP, DAX and Oil
Today is one of the busiest days on the market in terms of the macro events in the past few months. Rates from the BoE, ECB, CPI data from US and job data from Australia. Nice, huh? In our trading, we try to reduce the risk as much as possible. We do that by, for example, not trading during those macro events. That is why, today, we will focus on DAX and WTI but if you like the thrill, here You are, the small part about the EURGBP:
This pair is on a horizontal support on the 0.888. We went there after the price created an H&S pattern and broke the major uptrend lines. Currently, the price is creating a pennant, which is promoting a further drop.
About the H&S pattern… DAX is on a long-term neckline of the big H&S formation. As long as we are above the blue area, buyers are relatively safe but a breakout will be a major sell signal.
We continue the H&S topic with the WTI Oil, which is currently drawing a right shoulder of the H&S formation, or… already created the iH&S pattern! Can you imagine that? Technical analysis is truly amazing. Breakout of the upper blue line is a buy signal and the breakout of the lower blue line is a trigger to go short.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis