EURGBP - Will The EUR Stay As Top Dog?Analysis:
Breakout of downwards trend (bullish confluence factor)
Break and retest of previous resistance (bullish confluence factor)
Fib "golden zone" level (bullish confluence factor)
Break and retest of downwards trendline (bullish confluence factor)
EUR strongest major currency (bullish confluence factor)
GBP 2nd strongest major currency (bearish confluence factor)
40K long position increase for the EUR (bullish confluence factor)
24K long position increase for the GBP (bearish confluence factor)
18K short position increase for the GBP (bullish confluence factor)
Comment:
Whilst we don't have all of the confluence factors pointing in our favour, the most important ones that we may most attention to are. The EUR looks stronger then the GBP currently as this is what the statistics tell us, which is why we are bullish on this pair.
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Stay Safe - The JPI Team
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
