To my surprise, EUR/GBP support has broken down and price has fallen more than I expected
In the mid-term and long-term timeframe, I still believe there is high demand for EUR/GBP at lower prices and that price will hold and reverse
Given the recent DXY analysis, this further supports the case for all USD pairs selling off and GBP expected to sell off more than the EURO
The stochastic is also ready to reverse given that it is printing oversold on the daily
The EURO has more backing and support than the GBP due to covid and stimulus and therefore I believe the EURO will out-perform GBP in the mid-term and long-term
Long entries to be taken soon at the strong support level with a super low risk level due to the strength of the support therefore the ability to place a tighter stop, and higher confirmation that higher prices naturally want to be traded in this market/chart
Given the lack of trading volume below the support, this further supports the low-risk argument by having greater certainty in the position not being stopped out through a fake-out and the greater certainty in price not wanting to give way to such a large drop under said support