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The GBP/USD has been trapped in the same range for nearly 2 weeks. Yesterday price took a dive down to the bottom of the range it has been in then bounced back up.
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Yesterday this pair made a great dive and so early in the week is already a long distance from the weekly 5 ema. On the daily time frame price has also ventured a ways from the 5 ema and extended its way outside the lower Bollinger band and is also sitting at strong visual support that could also be viewed as a double bottom that I expect price to snap back up at least just to make contact with the daily 5 ema.
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The Swissy has finally made its way exactly to the 50.0 fib level of the last major move down at .9400 This is a very interesting level since it is a powerful fib level and it is also a psychological level.
Yesterday's bearish move for the EURGBP was a very strong move and the weekly candle so early in the week has been dragged a long distance from the weekly 5 ema and it has even fallen slightly outside the lower Bollinger band.
The EUR/USD continued its bearish move today and landed square on a weekly support zone at 1.3160 that gave the currency a bullish push the last time it was at this level in October of this year.
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The EUR/JPY weekly candle opens up just below the 5 ema and looks like it wants to head down. It can still head up a bit and pierce the 5 ema and possibly even head up to the 13 ema which is where price should be rejected but that could be a couple hundred pips up.
The GBP/USD starts out its new weekly candle precisely at the 5 ema and has tanked since then. On the daily time frame around the time the weekly candle was touching the 5 ema the daily candle was up against the 13 ema so both timeframes helped out each other.
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The new weekly candle for the EUR/GBP starts out just on the 144 ema and a bit below the 5 ema which means the 5 ema may soon be crossing below the 144 ema which could force price down below the 144 ema which has been support, then based on role reversal the 144 ema could then be resistance forcing price downward.
The Swissy weekly candle opens up just on and above the 5 ema and is nearing that 50.0 fib zone of the last major move down at around .9400 so it will be very interesting what happens around that level.