The GBPUSD price draws positive pattern - Forecast today - 15-05-2024
GBPUSD Price Analysis
Expected Scenario
- The GBPUSD price ended yesterday with clear positivity after leaning on the EMA50 that formed solid support against the price, to breach 1.2580$ and settle above it, which pushes the price to recover and head to achieve expected rises in the upcoming sessions.
- By taking a deeper look at the chart, we find that the price is forming double bottom pattern that its signs appear on the chart, its confirmation line is located at 1.2630$, which means that breaching this level will lead the price to achieve strong gains that start by surpassing 1.2700$ to confirm rallying towards 1.2800$ followed by 1.2890$.
- Therefore, we expect to witness positive trades in the upcoming sessions, taking into consideration that breaking 1.2580$ will stop the positive scenario and push the price to turn to decline.
Expected Trading Range
Between 1.2510$ support and 1.2680$ resistance.
Trend Forecast: Bullish
The EURUSD price confirms the breach – Forecast today - 15-05-2024
EURUSD Price Analysis
Expected Scenario
- The EURUSD price confirmed breaching 1.0795$ level after closing the daily candlestick above it, to turn to rise and build bullish wave on the intraday basis, targeting testing 1.0875$ initially, noting that breaching this level will push the price towards 1.0975$ as a next main station.
- Therefore, the bullish bias will be suggested for today, supported by the EMA50 that carries the price from below, noting that breaking 1.0795$ will stop the expected rise and push the price to decline again.
Expected Trading Range
Between 1.0750$ support and 1.0910$ resistance.
Trend Forecast: Bullish
Update: Crude oil price hits the first target
Crude oil price succeeded to touch our first waited targe tat 77.64$ and finds solid support there, waiting to break this level to confirm extending the bearish wave towards 75.25$ as a next negative station, taking into consideration that holding below 79.60$ represents key condition to achieve the waited targets.
Update: The EURUSD breaches the resistance
The EURUSD price rallied upwards to attack 1.0795$ and close the last four hours’ candlestick above it, to head towards turning to rise in the upcoming sessions, noting that holding above the mentioned level will push the price to achieve additional gains that start by testing 1.0875$, while trading below it again will reactivate the bearish wave that its first target located at 1.0715$.