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Market News and Charts for April 18, 2019

Hey traders! Below are the latest forex chart updates for Thursday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!

EUR/CZK

The pair was expected to go lower in the following days to complete the “Double Top” pattern. Czech Prime Minister Andrej Babis recently met with Chinese Premier Li Keqiang to further strengthen the relationship between the Czech Republic and China. Czech considers the European Union and the NATO (North Atlantic Treaty Organization) Alliance as the pinnacle of Peace and Prosperity. However, the shift of Czech Republic to China was another game changer for the Visegard Group. The Visegrad Group is an Eastern and Nationalist bloc inside the European Union and was being backed by the United States on its plan to seat nationalist candidates during the European Parliamentary election. Czech Republic’s Jan Zahradil was the only candidate among the Visegrad Group and will be the lead candidate of the European Conservatives and Reformists Group to run for the next European Commission presidency.

FinanceBrokerage - Market News: EUR/CZK Chart

USD/CZK

The pair was seen to further go lower in the following days towards the uptrend support line. The Czech police are recommending the indictment of Czech Prime Minister Andrej Babis over alleged fraud of $2 Million involving European Union subsidies. PM Babis is the second richest man in the Czech Republic with an estimated worth of $4.04 Billion. The news came out after Czech Prime Minister met with Chinese Premier Li Keqiang as China tries to lobby the European Union, with the relationship between the EU and the United States falling apart. In March, PM Babis met with US President Donald Trump in the White House on what was seen to be a complete shift of the Eastern and Nationalist bloc, the Visegrad Group, towards the Unites States and away from the European Union, and on which PM Babis said that he wants to “Make Czech Republic Great Again”.

FinanceBrokerage - Market News: USD/CZK Chart

EUR/USD

The pair failed to break out from a major resistance line, sending the pair lower to the “Pitchfork Pattern’s” fourth support line. On Monday, the European Union said that it was ready to launch a trade talk with the United States after their relationship was strained with US President Donald Trump’s plan to impose auto tariffs of EU car manufacturing industry and the statement by the European Union to prioritize France’s Airbus over US Boeing company after the Boeing 737 Max crashed with an unknown reason, prompting the European Union to ban the aircraft. However, just a day after the EU announced its willingness to start the trade talk, the United States introduced a policy that would allow the United States to impose lawsuits against foreign firms in Cuba, which opens the way for a new tension with its European allies. In response, the European Union threatens that it will sue the United States at the World Trade Organization.

FinanceBrokerage - Market News: EUR/USD Chart

GBP/USD

The pair was seen to break out from the “Pendant Pattern” sending the pair lower to a support line. The extension on the withdrawal of the United Kingdom from the European Union was causing uncertainty not only in the future of UK but also with its relationship with the European Union and the United States. The UK and the US expressed their willingness to make a bilateral trade agreement once the UK officially leaves the EU. However, this might not be as easy as it seems as the US Congress was now divided with the House Democrat and Senate Republic. House Speaker Nancy Pelosi during his visit in Ireland says that the United States would not agree to any trade deal between the United Kingdom and the US if the Brexit arrangement will undermine the peace in Ireland. Northern Ireland was part of the United Kingdom and having a hard Brexit will draw a border between Northern Ireland and the Republic of Ireland.

FinanceBrokerage - Market News: GBP/USD Chart

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