pavan15589
Long

EURGBP - Buyers Scrambling

FX:EURGBP   Euro Fx/British Pound
Looking at the price action on the EURGBP             , there seems to a breakout in sight.

Considering the recent price action on the 1 hr             chart of the pair, we can see that the pair, after making a touch on 20EMA at point 'A' ran up to .73600 region at point 'B' only to stop and reverse. Further, we could see that the pull back following this impulse move kept getting weaker with tails below the bear candles as the price action approached 20EMA..
Now continuing further, we also notice strong bull candles following another touch on 20EMA at point 'C' which is followed by weak bear candles. In addition to this, as the pair for the first time in a while closed below 20EMA, we could see buyers entering the market with two strong bull candles suggesting that buyers are entering the market on every pull back.
Now this is evidenced by all the bull candles leading up to today. As we look closer, we see that price has had a strong rejection off of the 20EMA at point one which is then followed by two more bull candles at 2 and 3. Each bull candle at 2 and 3 has managed to take out at least 2 or 3 hours of bearish price action prior to it, squeezing out the last few bears from the market with recent candles penetrating in and out of the recent resistance.
All these suggests a possible break towards the upside on the pair with short term target being .74300 and a much higher target being .75600
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