Day chart: we have a predicted technical pullback from a strong support represented by the middle Bollinger band (122.54), which finds its place within a pullback to the entrance point according to the pattern O&U (125.00)
Í4: here we have pullback to the middle Bollinger band(124.06) after a break of the bottom envelope. We await for one more downward wave from 124.00 to 122.09 (the bottom Bollinger band)
Í1: aggressive ADX allows to expect the price hitting 124.06
Expectations: growth to 124.06 and falling to 122.09
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The Italian referendum on constitutional reform saw voters reject the proposals in front of them, in a fairly decisive manner. As such, Italian PM Renzi will tender his resignation today and this became part of the issue...
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The Oil price continued to push higher today reaching its highest level in over a year with some predicting that the OPEC deal reached yesterday was a game changer and further gains are expected...
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The Euro was under further pressure today against the US dollar on the back of political instability in Italy and, bringing it closer to parity with its American counterpart...
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