Manipulated Spike Hunted Stops

0
107
Manipulated Spike Hunted Stops
Manipulated Spike Hunted Stops

Manipulated Spike Hunted Stops

EUR/USD The euro failed to break its triple top resistance level on Thursday until a sudden bullish spike was seen in the last couple of hours of the U.S. trading session, where it gained more than 40 points instantly and tested its next resistance level of 1.3293.

The spike came as a result of the news that the FED officials would discuss the revision of interest rate in July, which caused the manipulative move that hunted the stop losses of a huge amount of sellers.

Currently, the pair is moving at 1.3274 at the start of the Asian session where a move below 1.3252 could take it down to 1.3214 and 1.3190. If the pair manages to sustain above 1.3173 then it would remain bullish; but below that level the bears would take control of the pair.

**relatedarticle**

GBP/USD

The market remained volatile for the pound on Thursday where a good move was seen in a wide range as the prelim GDP data for the U.K was due for the 2nd quarter. However, it just came as expected at 0.6% where the pound bounced back from its strong support at 1.5275 and is currently trading at 1.5383 after that sudden bullish spike later in the U.S. session.

The pair has broken its triple top resistance and is just moving above that level at 1.5385 at the start of the Asian session, where a move above its yesterday’s low of 1.5430 could take it to 1.5450 and 1.5485.

On the other hand, if it moves below its daily pivot point at 1.5360 then it may hit its support levels at 1.5325 and 1.5290.

Gold Shines on Technical Moves

The precious metal after bouncing back from its 1309 support level, gained around 30 dollars value against the greenback where it re-tested its previous resistance level at 1340 area. The move has been quite interesting and was based on technical levels, as there was no critical fundamental due for the past 2 days.

If it manages to move above 1340 resistance area and sustain above it on Friday and then close above that level, then it would enter the bullish zone, as it would be moving above the 200-EMA level on its all time frame charts ranging from 5 minutes to 4-hours.

In such a case, its next targets would be 1375 and 1403 in the short-term. However, a move below 1325 could take it down again till 1309, breaking of which could show the psychological level of 1300.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com