EUR/GBP strong resistance at 0.7975. Bearish set-up on hourly chart. Sell rallies target 0.7935, SL: 0.7976
The pair is approaching the top of the prolonged corrective structure which would bring good opportunities in the coming weeks and months, the likely scenario is a bounce, so after a sell setup is confirmed it would be a good idea to sell once we are there. A breakout of the long term corrective structure would result in a huge impulse to the upside.
I would like to write about such simple indicator like Moving Averages. Many traders use it and know everything about this indicator. But I'm writing mostly for those, who starts trading. Look at this sample chart. There is up trend and price going higher and higher every time when touches MA. These lines are perfect as support levels for up trends and resistance...
No technical analysis tool is perfect and Elliott Wave can be subjective at times. But when I see patterns like this combined with such overbought signals it offers me a good entry where I can use proper money management. We will see if this reverses here this week.
EUR/GBP has taken trendline support at 0.7850 and edged higher, but we do not see scope for much upside. The pair is flirting with highs near 0.7900, breaks above to target 0.7946 (Mar 24th highs). Three-month implied volatility gauge rose to almost six-year high last week, indicating investors are bracing up for a sharp swings. Brexit risks will keep GBP weak...
I FEEL THAT THE 200 MA IS A GOOD S/R LEVEL AND I N THE LAST 3 HOURS DIDNT QUITE MANAGE TO BREAK IT SO IM GOING FOR A SHORT.
We can clearly see an overall down trend on the GBP/NZD. Price action is in a somewhat of a descending channel, it is also below the 200sma & 20sma which make for great short positions. We can clearly see price action consolidating into a wedge. My overall bias is short obviously and as soon as it breaks the lower trend line I'm going short. With that being said...
I've monitoring this particular pair for a while now and it seems to me that a price target around the 0.81000 Region is infact expected and also a thrust to the 0.83000 Zone also wouldn't suprise me! I am however anticipating a sharp reversal around those key levels.
Strong RS that hasn't been broken in a year. Will see if it holds or starts moving down again