EURGBP expected to rise up to 1st resistance at 0.87170 where it could potentially react off and drop down to 1st support at 0.86278.
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ANALYSIS ON EURGBP
Welcome to my analysis
2 Hour Chart
Interesting Point of interest In the EURGBP pair.
- Price still below 200 day EMA.
- Expecting more downward momentum.
- MACD showing bullish divergence so watchout.
- Bottom for BUY
this pair is showing good price action, created higher lows, big bullish hammer. I think this pair will continue trending to the upside, my plan is to take half of my trade when it hits target and SL to breakeven and let the trade run.
After the powerful Double Top, we analyzed and which led to the strong declines, its good time to analyze again.
The decline in a daily graph (Weekly and monthly still uptrend).
You can see that the price stopped exactly on the moving average line which serves as strong support.
The Stochastic with the lines at the cross, at the lowest possible level with an...
Tendency: Downtrend (see link below for a weekly chart overview)
Basis: Downtrend channel
Observation: Price breaks and rejects major support (now resistance) @ 0.88500
Trading possibility: SELL with a potential TP @ 0.87200/0.87000 zone and SL @ 0.89200
Here are the key factors to keep in mind today for Euro trades:
Italian Industrial New Orders and Industrial New Sales: Italian Industrial New Orders for July are predicted to increase by 1.9% monthly and to decrease by 2.6% annualized. Forex traders can compare this to Italian Industrial New Orders for June which decreased by 0.9% monthly and by 4.8% annualized....