EURGBP: Be Aware on this HISTORICAL SUPPORT ZONE!
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair:
EUR/GBP
⚪Technical Analysis:
In the weekly chart, since June 2020, the price got many rejections on the strong support level at about 0.88690, failing any attempt to break it. During the current session the price reached one more time the same level and it will probably get a new rejection.
In the daily time frame, the price got a strong impulse on the 7th of January, heavily falling down for about 200 pips, reaching the weekly support zone.
In the h4 time frame the price seems is creating a falling wedge pattern, it reached its dynamic support zone and at the same time the weekly support area. The price is actually giving us a growth signal.
🔴Conclusion:
I think the price is currently in an interesting situation, it reached an important area that reversed the market many times in the past, so I'm confident to see the price breaking the pattern and reach the next resistance zone (also my current target) at about 0.90000.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/GBP
⚪Technical Analysis:
In the weekly chart, since June 2020, the price got many rejections on the strong support level at about 0.88690, failing any attempt to break it. During the current session the price reached one more time the same level and it will probably get a new rejection.
In the daily time frame, the price got a strong impulse on the 7th of January, heavily falling down for about 200 pips, reaching the weekly support zone.
In the h4 time frame the price seems is creating a falling wedge pattern, it reached its dynamic support zone and at the same time the weekly support area. The price is actually giving us a growth signal.
🔴Conclusion:
I think the price is currently in an interesting situation, it reached an important area that reversed the market many times in the past, so I'm confident to see the price breaking the pattern and reach the next resistance zone (also my current target) at about 0.90000.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.