Here we have the euro
against the sterling. As you can see from the monthly timeframes we are trading below the 200 EMA
which portrays we are overall bearish
on this pair. However we have acknowledge a formation emerging on the daily TF in confluence with the recent failure of the new lower low and a break of the recent trend lines
, could we see the euro
gain against the sterling?. We have been previously been creating LH & LL's since May 2015. We have now broken through the current trend lines
eyeing up a closure above this and could see a retest of the CTL before continuation towards our long term upside targets. If we see a bearish
reversal with confirmation this will open the gateway to short positions. Any views welcome, Don't forget to give us a like and comment. Happy Trading.