Daily analytical report (09/05/17)

Daily analytical report (09/05/17)

      • Buy the rumours, sell the facts, that is what is happening on the EUR right now. Perhaps this bearish sentiment on the EUR will accelerate and will create an opportunity to close those gaps that were created after the first round of the election?
      • On the daily chart on the EURUSD we can see a bearish engulfing pattern, which is potentially dangerous for buyers. What is more, the price is attacking a mid-term dynamic support and it looks like traders will try to test the next one, horizontal on the 1.083.
      • USDPLN finally made the third correction equality pattern and is coming back to the up trend. It looks beautiful. Three of the same bearish waves in a row. This bounce is additionally supported by the lows from the beginning of November when Donald Trump was elected president.
      • Speaking about corrections and equality patterns, we have to mention the NZDCHF, which could do with one right now. This would be additionally supported by the horizontal resistance on the 0.692 (green). A little bit higher we also do have a trendline (black), so in this case, this correction can be a little bit deeper.

      Source: Alpari

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