EUR / USD, GBP / USD: the. Analysis – Goldman Sachs
EUR / USD Technical looks indecisive, says Goldman Sachs.
“Correction can either pass as bear flag or zigzag ABC. Recent risks of a deeper pullback to 1.1661-1.1704 ~ (ABC goals and 38.2% of the sweep from December 16th) … looks more likely at the moment given how little movement there has been in the past week, «GS explains.
“It is important to focus on the 1.1237-1.10. If at any point in this level breaks, there is a decent break below this, which runs to about 1.0286- 1.0103 ….
“A break below 1.1237-1.10 can assume that the market still has a direction ?? downward«, GS adds.
Addressing the GBPUSD, GS believes that seems very close to the turn, the growth of a January 23 resembles a classic wedge.
“Further confirmation, in turn, will be determined by a break below the base (currently ~ 1.5376). Since currently about 5 waves in this structure, it makes it potentially complete formation ABCDE, «GS clarifies
“Long-term wedge ultimately aimed at ?? 1.4832-1.4814. (And possibly even more) »GS.
“A break below 1.5376 looks inevitable, and eventually have to open risks for ~ 1.50-1.4952 (lows from late-Jan /. Early February),« GS
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