Price Action Analysis & Insight: USD CABLE / EURO Cross

The USD remains strong and trades at the higher band of its range. As we have seen a Tug of War between CABLE and EURO; with the Pound gaining over its Euro counterpart in the early US trading session.

While the USD is expected to trade within its range, the preferential choice decided upon this kind of market condition is to go with the GBPEUR cross rate instead of the regular inverse rate of the EURGBP cross. The obvious reason for a positive swap on a daily basis is just one consideration. Yet the established trend remains favorable to the upside. With daily pullbacks to remain and should not be discounted to occur. And defining a counter trade strategy is in place as a cushion against any adverse price fluctuation versus the primary trade position.

Price channel 2 (yellow shade) is way above the price consolidation / range and have managed to move to higher levels not discounting the correction and nearing its initial new price range objective @1.4400 - to- @1.4480. A resistance may emerge as it moves to higher grounds with some selling divergence to occur at these levels. Profit-taking would meet fresh position players moving forward. Wil be considering alternative pairs and stocks included to spread an even playing field.