Eurgbptrend
EURGBP Potential Long Entry50 MA above 200 MA, signalling bullish momentum
We have had 2 pullbacks to what I call 'value areas' where it is a good area to enter long. Currently it is developing a third pullback into a 'value area' which I think would be a good area to go long from.
Target around 0.90140
Stop 0.89100
Good luck!
EUR/GBP Technical AnalysisThe day chart of EUR/GBP pair is currently in a descending channel formation.
The pair was in a long rectangle pattern formation(sideways) and then broken.
But it immediately faces the trendline of downchannel and so it is possible for the pair to exert selling pressure in this price zone.
If sideways breakout becomes a fakeout, then a good downward move is possible.
Chunneling up!-The EURGBP 0.20% yearly candle is green having crossed above the yearly open.
-It crossed above the 50% mark of the old range.
-It's poking above a key S/R level .
-The RSI reads bullish (>50) as it breaks above resistance while still having plenty of room to move to the upside before hitting the over bought range.
-All of this occurs as EURGBP 0.20% breaks out of a falling wedge giving us a measured move target (T2) of ~0.917 IF we make it past the first target (T1) of ~0.903 at the top of the old range.
EUR/GBP Technical AnalysisThe 4-hour chart of EUR/GBP was in the sideways trend.
It was in the price range between 0.86983 to 0.88406 .
The price action indicates that it has given a bullish breakout from the sideways pattern.
We expect the bulls to take control over the counter if it sustains above the price range of 0.88406.
Possible EW wave count on EURGBPLooking for a dip on EURGBP to somewhere near 0.834 level before deciding on next course of action
If this is a start of a downtrend (Wave 3), it should break below 0.834, as wave 3 is usually the strongest and largest.
If this is a corrective ZZ, expect this correction to terminate near 0.834 as wave C. Length of Wave A = Wave C
EURGBP right on major resistance, potential drop!EURGBP is now testing major resistance at 0.8911 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) and a strong drop could occur from this level to push price down to 0.8747 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.
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