Minutes stopped being a Tier 1 data quite some time ago. Now, markets have other issues to be worried about. In this Trading Sniper video, we do have two pairs with the EUR and one with safe haven currencies.
First, EURUSD. The pair created a nice inverse head and shoulders pattern on the H1/H4 chart. The price already broke the neckline and tested that twice as a closest support. Both tests were positive for the buyers and gave us long tails on the H1 candles. The buy signal is ON, with the mid-term downtrend line as the closest target.
EURNZD is the next pair but the situation here is very similar. The price is also creating an inverse head and shoulders pattern. The neckline (along with the 38,2% Fibo) was broken today and that gave a nice bullish momentum for the buyers. The mid-term buy signal is ON.
The last pair is the CHFJPY, so a clash of the safe haven assets. Here, the price broke the upper line of the symmetric triangle pattern and the horizontal resistance around 110.3. After that, buyers successfully tested that as a support. Current price action tells us that we should expect a further upswing here and that is our outlook on this instrument.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis