GBP/USD to Break out of Narrow Range in the NY Session

The 1H chart of the GBP/USD shows the market in a tight range to start the week. After finding support at 1.6150, the market also found resistance near 1.6220. The near-term pivot above that is the 1.6240-1.6250 area. The market should start picking up in the NY session for a breakout

Source: ActionForexall Rss Feed

EUR/USD Maintains Bearish Momentum in the US Session

The short-term momentum in the EUR/USD remains bearish, as the RSI reading in the 1H chart stayed below 60, and is now pushing back below 30.

Also, the rally from 1.4260 to 1.4420 was in a 3-wave sequence, possibly completing a corrective structure.

If the market can clear 1.4250, we are likely

Source: ActionForexall Rss Feed

Dollar Surges in a Volatile Session

Volatility spiked and the dollar surged following the ECB rate meeting and another disappointing U.S. labor release. EUR/USD was down nearly 2% on the day having plummeted to current levels of around 1.4530 after trading as high as nearly 1.4900 earlier in the session. The ECB left rates on hold