So, FX:EURGBP is in a ranging market, and I see a good long opportunity here. We have flag pattern with structure support confluence (see red zone), which is a strong wall for this pair right now. We can involve in this setup in two ways:
1. Buy on breakout (it is a better choice)
2. Buy at support red zone
And our target 1 will be @0.7355, Although, if the...
Last week chart: 2 WINS
Profitable pullback ( I don't trade these pullbacks )
Profitable movement up ( I made 95 pips )
We had a bearish engulfing candle on the Weekly chart + finished on friday with a shooting star candle, that closed under the resistance level of 0.712. This all happended after a break of the previous TL ( which can now be seen as the...
As we see the price is moving into an uptrend channel. Now it has reach its lowest level therefore i suggest if the price go over the level of 0.7223 our target should be the 0.5 fib level (0.7300)
At the time of publishing my last chart and subsequent update to this pair, where I suggested possible significant low to form did not materialise.
Due to the nature of decline following ECB's QE announcement, it seems to be still in wave 3 decline. Wave 3 often extends and are very strong. This is what appears to have happen, where the complete cycle was...
Traders,
As you may recall, a few days ago, I posted a DAILY chart of the USDollar index, in which the model defined a top-most target ("TG-x") at 11474 - See this chart and analysis here: .
While price did hit that target and has since weaved a near-symmetrical consolidation pattern around this forecast level, I thought it prudent to look at that level with...
The pair has had four consecutive days of trying to break and close above the .7845 level. It have been unable to do so which makes me think there are a lot of sellers just waiting above that level. I will short with stops above last weeks high. We discuss this in the Weekend Preview. Check it out here: youtu.be
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