Operational scale Minute (H4 time frame )
What’s next? Will there be growth in the value of the US Dollar? Overview of EUR/USD & GBP/USD movement options in the h4 timeframe from October 15, 2020.
Euro vs US Dollar
The development of the movement of the single Euro in the EUR/USD pair from October 15, 2020 will continue depending on the development and direction of the breakdown of the range:
- Resistance level 1.1785 – starting line of the SSL indicator Minuette operational scale pitchforks.
- Support level 1.1750 – starting line of SSL Minute operational scale pitchforks.
The breakdown of the support level of 1.1750 on the initial SSL Minute line is an option to continue the downward movement of EUR/USD to the borders of the channel 1/2 Median Line Minuette (1.1730 – 1.1700 – 1.1670). This has a prospect of reaching the equilibrium zone (1.1625 – 1.1575 – 1.1525) of the Minuette operational scale.
The breakdown of the resistance level of 1.1785 on the starting line of the SSL Minuette operational scale pitchfork will make it relevant to develop the upward movement of the Euro towards these goals:
- UTL control line (1.1820) of Minuette operational scale forks
- Local maximum is 1.1831 – 1.1872
with the prospect of reaching the borders of the 1/2 Median Line channel (1.1895 – 1.1960 – 1.2020) of the Minute operational scale.
Great British Pound vs US Dollar
The development of the movement of the Pound in the GBP/USD pair, from October 15, 2020, will also occur depending on the development and direction of the breakdown of the range:
- Resistance level of 1.3055 – UTL control line of the Minuette operational scale pitchfork
- Support level 1.3027 – starting line of the SSL Minuette operational scale pitchfork
If the support level 1.3027 on the starting line SSL Minuette will direct the movement of the Pound downward to the initial line SSL Minute operational scale fork (1.2915), the breakdown will be the actual achievement price of the channel borders 1/2 Median Line (1.2820 – 1.2745 – 1.2675) and equilibrium zone (1.2710 – 1.2615 – 1.2515) of the Minuette operational scale forks.
The breakdown of the resistance level at 1.3055 to the control line UTL Minuette operational scale fork will subsequently update the local maximum to 1.3082. This will make it possible for the Pound to achieve borders of the channel 1/2 Median Line (1.3135 – 1.3240 – 1.3355) of the Minute operational scale pitchfork.
The review is compiled without taking into account news background and the opening of trading sessions of the main financial centers. This is not a guide to action (placing “sell” or “buy” orders).
The formula for calculating the dollar index:
USDX = 50.14348112 * USDEUR 0.576 * USDJPY 0.136 * USDGBP 0.119 * USDCAD 0.091 * USDSEK 0.042 * USDCHF 0.036.
where the power coefficients correspond to the weights of currencies in the basket:
Euro — 57.6 %
Yen — 13.6 %
Pound sterling — 11.9 %
Canadian dollar — 9.1 %
Swedish Krona — 4.2 V %
Swiss franc — 3.6 %.
The first coefficient in the formula brings the index value to 100 on the start date (March 1973), when the main currencies began to be freely quoted relative to each other.
The material has been provided by InstaForex Company – www.instaforex.com
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