EURGBP is consolidating around a strong support and the low of this year. Upside from this point is highly likely especially considering the break of the bearish trendline and the completion of the harmonic pattern.
Let us know what you think in the comments below!
Euro’s value against the British Pound has been in the yellow trading area for quite some time. Well, since March, to be exact. It is now time to shine for the Euro and make gains against the Pound. In the long run, the Value should soar above GBP 0.92916.
Potential double bottom on EG. RSI looks healthy and bullish as well. Watch price action (PA) at the blue trendline, which can be your initial TP, and if it is broken, look for the second TP further up. Also, EG has been in a nice accumulation/decision zone (drawn in the rectangle). It's probably time for a move up. Good luck if you play this setup!
What we see on EURGBP is quite clear and nice, price getting weaker and weaker as you see, preparing to make new high which already we have seen higher lows,
Sor far we waiting for price to show more Bullish signals and ofc we wait for the price to break our base to up then we prepare for strong and nice setup for LONG
Finally set our 1:6 order and go with new...
EURGBP is once again testing this support, this 4hr candle will be important and will decide the direction of this pair. If we can get a close below this support we can see a strong bear move to the next support, we might test this support turned resistance before making the move down.
If however EURGBP keeps above this support we might see another move to...
At the 4 hour timeframe, you can see the trendline that is acting as a dynamic support. For all the touches it has received, it has set the EURGBP pair flying back up. We are nearing another touchdown. Wait for the next candle for confirmation before going long.
At 15 minutes timeframe, a clear pattern is in formation. The first two have aligned perfectly. The last candle is also heading in the right direction. If that is the case by :30, we should expect a good buy for the next few candles!
We consider buying this EURGBP pair because of a strong support below. We know what we are doing and we do what the market is doing. This is more than an institutional analysis. Invest wisely. Thank you for following me on tradingview.