Good Afternoon Traders,
The EURGBP may rise following the current draw-back. It appears the pair may enter an area of consolidation while the market tries to figure out exactly what it wants to do. The commodity backed currencies are causing turmoil to the EUR, USD, CHF, JPY, and GBP with the recent bullish expectations from investors.
From a technical viewpoint, Hidden Bullish Divergence is forming on the 16H MACD/Price Chart. Price was rejected at the 50-EMA for 3 consecutive candles on the 16H. A look at the 3H confirms the formation of Hidden Bullish Divergence on a short-timeframe so the 16H is likely to follow. Also on the 3H, RSI is hovering around Oversold territory and has some room to rise.
Price may rise to the previous high around .9012 and consolidate further back down from there. Price looks to form higher-lows but the price may stagnate around the previous high (.9012).
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
The EURGBP may rise following the current draw-back. It appears the pair may enter an area of consolidation while the market tries to figure out exactly what it wants to do. The commodity backed currencies are causing turmoil to the EUR, USD, CHF, JPY, and GBP with the recent bullish expectations from investors.
From a technical viewpoint, Hidden Bullish Divergence is forming on the 16H MACD/Price Chart. Price was rejected at the 50-EMA for 3 consecutive candles on the 16H. A look at the 3H confirms the formation of Hidden Bullish Divergence on a short-timeframe so the 16H is likely to follow. Also on the 3H, RSI is hovering around Oversold territory and has some room to rise.
Price may rise to the previous high around .9012 and consolidate further back down from there. Price looks to form higher-lows but the price may stagnate around the previous high (.9012).
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Comment:
It appears price is back to the bottom of the channel and formed a higher-low. There may be another buy opportunity at the start of the trading week.