EURGBP: Potential Bullish Move
After hitting the low on 31st Dec, price pull back, face a daily SZ and came off. What caught my attention is the pull back which is of the same magnitude as the last pull back from 24th Dec. Whenever such a pull back happened, it is a sign that the BEARS might be losing the fight. The second thing that caught my attention is Fri price action. After breaking outta of 3 days low during London session, price stall during the NY session. Looking to the left, you would have notice that price stalled at a QML. And the NY session highest volume seen in the last 37 bars tells me that the bearish breakout could be a move to trap the breakout traders. Otherwise, how do you explain price making a breakout past 3 days low but doesn't make any move lower on such high volume? The last time such high volume seen on the 21st Dec, price make a 147 pips bearish move from the high.
With this evidence, I surmise that a bullish move is imminent.
DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
PRICE ACTION only tell half the story. The other key half is VOLUME. For VOLUME drive price.
With this evidence, I surmise that a bullish move is imminent.
DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
PRICE ACTION only tell half the story. The other key half is VOLUME. For VOLUME drive price.
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.