Lingrid

EURGBP FALSE breakdown and new GROWTH

Long
FOREXCOM:EURGBP   Euro / British Pound
After the price first jumped strongly in the spring of last year, and then also collapsed strongly, the price movement returned to the zone between the two support lines - 2018 and resistance - 2019. And for the last six months, the price as a whole has been moving evenly between these two lines, without making any something serious breakdown.

But now the price movement is also corrected by the strong resistance line that was formed in March 2020. The price touched this line in September, then at the beginning of December last year. And since December, the price has not once tried to break through this line, but has invariably fallen after touching it.

At the beginning of last week, the price came to this resistance line at 0.907 and dropped to the 0.893 resistance. The price even managed to drop minimally behind the line, but I am convinced that this breakout will turn out to be false. Since this support-resistance line is much stronger than the line from which the price fell. In addition, we have examples - false breakouts in November, after which the price resumed its growth.

Now I expect the price to return to the line, fix on it and start a new rise. The price will come to the resistance line 0.905. This is our goal.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
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Comments

Once again, well done, Lingrid! 👍🏼
+1 Reply
Lingrid Investroyllc
@Investroyllc, thank you for your feedback)
Reply
Dear Lingrid
Good day

I think it goes down more and if you see the daily time frame we have a very strong support level at 0.88660. On the other hand, a few minutes later ECB governor is going to speak and trading is too risky.
thanks a lot
+1 Reply
Lingrid Masoud402
@Masoud402, thank you for sharing the news and warning that trading on this currency pair will be risky)
Reply
Total agree!
Reply
Lingrid Henry_Ross
@Henry_Ross, welcome)
Reply
Perhaps will see
Reply
Lingrid DeGRAM
@DeGRAM, ok
Reply
Perfect analysis, I'm confident with a bullish impulse! Let's see! :)
Reply
Lingrid FXtrades-gp
@FXtrades-gp, I appreciate you supporting me)
Reply
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