If we see how the markets have been performing, it's been a very bearish come down. The market seems to be oversold and it will most probably make a rally.
EUR/USD has been on the lows for a quite a while now. The pair seems to be on a correction zone.
1. Its at a strong support line
2. The price shows lower lows and the RSI keeps making higher lows making it a bullish divergence.
A sell in GBP/USD 240H Chart
My supporting points:
1.Price is at it's second major Resistance in current Swing.
2.Theres a candle stick signal which is the shooting star.
3.The US dollar is pretty solid fundamentally and isn't that bad as thought before, now since Joe Biden's win is solidify,
4.the dollar's strength is high.
5.The price needs to come down as the...
Based on my principals of trading, the GBP/USD 4H chart is at an Uptrend and then its at a Resistance level and thirdly there is a candlestick signal which is the bearish engulfing pattern. These 3 confirmations signal a possible short move or trend reversal of the GBP/USD after being on the years highest.
EUR/USD is in a symmetrical triangle and the price might bounce back and have a bullish breakout. However, a break below the triangle and entering to the major support zone would void this.
As you can see in the weekly EU chart, it's clearly pattern head and shoulders. Right now bulls are about to complete the 2nd shoulder and there will be a big bullish movement and after that there will be a huge bearish breakout due to head and shoulder pattern. Till then enjoy the bull fight!
