gbp/nzd pair has broken out of a nice flag pattern and a small pullback is underway . the flag pattern after a swift fall in the pair indicates further downside and traders could look to sell the pair with a profit target of about 1.9050 .
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EUR/USD accumulation
After a severe sell of in eur/usd pair over the past few weeks , we might be looking at some accumulation in the pair . On the 4 hour chart there is a bullish head and shoulders pattern as shown in the chart . A break of the neckline at 1.1700 level could lead to a sharp rally upto 1.18000 levels . Traders should watch for a break on the upside through the neckline to go long on the pair.
EUR/GBP technical formation
eur/gbp pair has broken out of a beautiful head and shoulder bullish formation . Going ahead the Eur should outperform Gbp and eur/gbp could reach the target of 0.8950 level
EUR/USD liftoff from oversold condition
5 day RSI has moved below 10 and is extremely oversold . As can be seen this kind of oversold condition on daily chart has not occurred in eur/usd for more than one year. Further eur/usd is in an uptrend on the weekly charts. This extreme oversold condition is usually followed by a sharp bounce back . Traders can look for a 150 to 200 pip bounce in eur/usd from this level.
USD/NOK consolidation breakout
Usd/nok has broken out of a two weeks consolidation , the breakout target could be the previous resistance area of 1.8370 or
higher target of 7.9000 . traders could look for opportunities on pull back.
higher target of 7.9000 . traders could look for opportunities on pull back.