asset class : forex/currencies/foreign exchange markets
asset name : Euro/British Pound (EURGBP)
analyzing from the monthly timeframe price has been trading in a sideways range (consolidating) with highest average price @ 0.92500 to average low @ 0.83400 , since the year 2016 till date.
still in the range price is trading in a bearish parallel channel and is currently trading above the channel but has not yet formed a full OHLC candlestick above to indicate change and momentum and breakout.
supply level of proximal price 0.88500 is in control which may cause increase in bearish momentum driving price to the downside with first target at range low @ 0.83400 and last targets at demand level of proximal price @ 81100.
alternatively there is a long bias -
is price closes above the bearish channel and forms a full OHLC candlestick and trades higher then supply level of proximal price @ 0.88500 and retest the level now as demand to up to first long target at high of price range @ 0.92500 with even higher targets @ all time high @ 0.98049.
this is merely and analysis, monitor price on any timeframe(s) under the monthly to find confirmation that suits your bias and apply proper risk management.
supply and demand
put together by : Pako Phutietsile
presented by : @currencynerd
courtesy of : @TradingView
price is fractal, there are structures within structures. The same patterns happen all over on all timeframes when we drill down.
asset name : Euro/British Pound (EURGBP)
analyzing from the monthly timeframe price has been trading in a sideways range (consolidating) with highest average price @ 0.92500 to average low @ 0.83400 , since the year 2016 till date.
still in the range price is trading in a bearish parallel channel and is currently trading above the channel but has not yet formed a full OHLC candlestick above to indicate change and momentum and breakout.
supply level of proximal price 0.88500 is in control which may cause increase in bearish momentum driving price to the downside with first target at range low @ 0.83400 and last targets at demand level of proximal price @ 81100.
alternatively there is a long bias -
is price closes above the bearish channel and forms a full OHLC candlestick and trades higher then supply level of proximal price @ 0.88500 and retest the level now as demand to up to first long target at high of price range @ 0.92500 with even higher targets @ all time high @ 0.98049.
this is merely and analysis, monitor price on any timeframe(s) under the monthly to find confirmation that suits your bias and apply proper risk management.
supply and demand
put together by : Pako Phutietsile
presented by : @currencynerd
courtesy of : @TradingView
price is fractal, there are structures within structures. The same patterns happen all over on all timeframes when we drill down.
