Minute operational scale (H4)
There will be no stops in the EUR/USD & GBP/USD (H4). We are looking at the event options for these tools from July 29, 2020
____________________
Euro vs US dollar
The development of the single European currency EUR/USD since July 29, 2020 will be due to the development and direction of a breakout of the channel borders 1/2 Median Line (1.1795 - 1.755 - 1.1720) of the Minute operational scale forks - we look at the animated chart.
In the case of joint breakdown breakdown of support level at 1.1720 at the lower border of the channel 1/2 Median Line Minute and Median Line Minuette (1.1710), the movement of a single European currency will continue to order:
- lower bound of ISL38.2 (1.1680) equilibrium zone of the Minuette operational scale fork;
- ultimate Shiff Line Minute (1.1610);
- initial line SSL Minuette (1.1580);
- with the prospect of reaching the boundaries of the equilibrium zone (1.1380 - 1.1320 - 1.1260) of the Minute operational scale fork.
The breakdown of the upper border of the channel 1/2 Median Line of the Minute operational scale fork - resistance level of 1.1795 - the upward movement of the EUR/USD may be continued to the end of the line FSL (1.1855) of the Minuette operational scale fork and the line of control UTL (1.1920) of the Minute operational scale fork.
The EUR/USD movement options from July 29, 2020 are shown on the animated chart.
____________________
Great Britain pound vs US dollar
The movement of Her Majesty's currency GBP/USD from July 29, 2020 will depend on the direction of the breakdown of the range:
- resistance level of 1.2955 - lower bound of ISL38.2 equilibrium zone of the Minute operational scale fork;
- support level of 1.2920 - UTL control line of the Minuette operational scale fork.
A consecutive breakdown of the support level of 1.2920 on the line of control UTL of the Minuette operational scale fork and the initial line SSL Minuette (1.2900) will direct the movement of GBP/USD to the borders of channels 1/2 Median Line of the Minuette operational scale fork (1.2835 - 1.2805 - 1.2775) and Minute (1.2775 - 1.2705 - 1.2623), and areas of equilibrium (1.2750 - 1.2705 - 1.2665) of the Minuette operational scale fork.
The breakdown ISL38.2 Minute - resistance level of 1.2955 - will determine the further development of currency movements of Her Majesty in the zone of equilibrium (1.2955 - 1.3055 - 1.3160) of the Minute operational scale fork, taking into account the development of the final Shiff Line Minute (1.3010).
We look at the options for the movement of GBP/USD from July 29, 2020 on the animated chart.
____________________
The review is prepared without considering the news background, the opening of the trading sessions of the major financial centers and is not a guide to action (issuing orders "sell" or "buy").
Formula for calculating the dollar index:
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
Where the power coefficients correspond to the weights of currencies in the basket:
Euro - 57.6 %;
Yen - 13.6 %;
Pound - 11.9 %;
Canadian dollar - 9.1 %;
Swedish Krona - 4.2 %;
Swiss franc-3.6 %.
The first coefficient in the formula brings the index value to 100 on the starting date - March 1973, when the main currencies began to be freely quoted relative to each other.
