JoeNeilCarey
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EUR/GBP FORMED DOUBLE TOP OFF 0.5 RETRACE OF LONG TERM TREND?

FX:EURGBP   Euro / British Pound
THE EURO             APPEARS TO BE SLOWING AS IT APPROACHES THE 0.5 RETRACE OF THE LONG TERM DOWN TREND, AFTER BOUNCING OFF ITS DAILY SUPPORT AND BREAKING OUT OF ITS LATEST FORMED CHANNEL - EUR/GBP             IS POTENTIALLY OFFERING A COMPELLING SHORT.

THE LONG TERM DOWN TREND IS COMING INTO PLAY AND CAN BE USED FOR STOP PLACEMENT, NUMEROUS TESTS OF STRUCTURE RESISTANCE DISPLAYS BEARISH SENTIMENT.

RSI HAS RECENTLY PIERCED ITS OVERBOUGHT MEDIAN LINE AND CONTINUES TO POINT TO THE DOWNSIDE, THE RECENT MA CROSSOVER MAY BE A 'FAKE OUT'; THE 150 MA APPEARS TO BE OFFERING NEAR TERM SUPPORT ON THE 4H CHART, HOWEVER PRICE ACTION INDICATES THE LONG TERM BEAR TREND STILL REMAINS STRONG.

0.7100 LEVELS CANNOT BE RULED OUT.
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