Could the euro's run of strength over the sterling be over?
Strong support at .832 needs to fail to confirm a safer position, or we rally to .86470 and see buyers exhausted.
Overall, only looking for shorts on this pair.
On this area we could see a good price-start movement.
If you were to go below the minimum, the situation would change completely, with the entrance of new market vendors.
Although, a first target from a giant Cypher pattern pullback has been achieved, I expect further decline on this pair before it runs above the Parity.
A potential Head&Shoulders pattern is forming which, if compelted, would bring the pair to 0.76 area. This would complete the leg B correction and start the leg C which should bring the pair above Parity.
Will...
Support at 0.834 does not seems to have much bull supporting it.
Once the support breaks, expect price to move downwards to the next level.
Key Resistance
- 0.86
Key Support
- 0.834
- 0.81
With this trade, there are two buy entry options( Cypher Pattern or Flag Breakout ). Aggressive traders can enter at the Cypher Pattern completion while conservative traders take the flag breakout.
Personally, I prefer the flag since I have a bias EURUSD might fall further so waiting for a confirmation is not a bad idea. But I can't be 100% certain what the...
Entered a short stop order at 0.83887 with TP at yesterday's S1 fib level (might adjust TP to the other day's S1 fib level or enter another trade for the 2nd TP), and SL near base pivot line. This is in line with current weak sentiment over EUR because of yesterday's ECB news about QE extension, though based on higher timeframe charts, it's more likely that this...
Bullish as long as 0.84 holds.
0.84 zone is the key level to determine if the uptrend holds or not.
We could look for PA for additional confirmation to enter a long trade.
Should it be broken, 0.808 would be reach easily.
Key Resistance
- 0.87
Key Support
- 0.84
Looking to short after a failed retest of the support right around .84580 Stop loss is a close above the previous support (20 pip sl) Low risk high reward trade
Hello,
currently have this on my watchlist, downtrend is taking shape, will look for short entries on pull backs, either on trend line (with 50 EMA possible crossover) or 0.8300 level with 200 EMA providing dinamic support along this level.
Good luck!
This is a very approximate forecast on what we could see of Euro and Pounds Sterling in the forecoming years.
Both currencies will struggle to the US Dollar but, if this prediction is correct, Pound may face the toughest times in the history. And, unfortunately, Brexit does not have anything to do with it.
I recommend to read this article to identify the reason...
It has broken the support line and formed a flag. Wait for the break, it will be a tasty drop. We are in a longer term up trend though so take profits, don't let it run!
