EURGBP : Part 1 weekly price action
Updated
This is a EURGBP chart. In this, the major trend is up.
in history, the price has given 4 times of respect to the major trend. on 29 December price is making a new high,
sellers are entering on this signal breaking the major trendline and by making an excess price from 78.6 % of the level is going high.
here supply gets converted to demands and the intermediate trend is having a breakout.
at the moment, the price is consolidating at 38.2 % of the level. but it's unable to break this level.
price is going up and making a level. I have named it a Hammering door. price is trying to break this but it is not happening, but now it could be possible because the price is continuously knocking on the hammering door.
In this continuous manner, it is trying to knock on the door with volume, resulting in a broken door. price is making a new high but by getting selling pressure, it is going downwards to the consolidation area. Finding a relationship between major and intermediate trends of the consolidated area, this consolidated price has broken the intermediate trend which would act as resistance. relation with the major trend line, the consolidated price is pushing up with volume.
Now, the current price of the support and resistance level of 23.6 %. It was a support level earlier but now acting as a resistance level. We can spot the price rejection by noticing the wick.
in history, the price has given 4 times of respect to the major trend. on 29 December price is making a new high,
sellers are entering on this signal breaking the major trendline and by making an excess price from 78.6 % of the level is going high.
here supply gets converted to demands and the intermediate trend is having a breakout.
at the moment, the price is consolidating at 38.2 % of the level. but it's unable to break this level.
price is going up and making a level. I have named it a Hammering door. price is trying to break this but it is not happening, but now it could be possible because the price is continuously knocking on the hammering door.
In this continuous manner, it is trying to knock on the door with volume, resulting in a broken door. price is making a new high but by getting selling pressure, it is going downwards to the consolidation area. Finding a relationship between major and intermediate trends of the consolidated area, this consolidated price has broken the intermediate trend which would act as resistance. relation with the major trend line, the consolidated price is pushing up with volume.
Now, the current price of the support and resistance level of 23.6 %. It was a support level earlier but now acting as a resistance level. We can spot the price rejection by noticing the wick.
Trade closed: target reached
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