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Welcome. We are half a month old and this week seems to be calmer. The data expected by analysts do not differ much from the previous readings, only England on Friday is to have higher retail sales, which is good for the currency.


On the chart of the most popular currency pair, we can see that the trend continues. I have marked two trend lines. The red is the higher order line that will indicate a major trend reversal, and the blue is the local one that will trigger a possible rebound. Until then, as before, we are in a downtrend and that is how we should be looking at the chart.


The level defense on Friday was very visible, and I was counting on the exact completion of the formation and correction, unfortunately the breakout of the formation showed that the buyers are stronger. The OverBalance correction itself takes place up to 30% after the formation. So for now, the breakout to the 15700 price level will still be acceptable, which is also at resistance.

Daily R3 – 15780
Daily R2 – 15690
Daily R1 – 15640
Daily PP – 15555
Daily S1 – 15500
Daily S2 – 15410
Daily S3 – 15360

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