Inspired by an indicator I found on stevehopwoodforex.com and the endless possibilities of tradingview.com I came up with this currency strength visualisation concept.
*Please hit the zoom-out button once*
(or more if you're feeling wild)
This may look like a mess, but the last few "bars" on the chart are holding some useful information!
I'm sure I'm not the ...
EURGBP has rallied up yesterday from A TO B, thanks to BREXIT.
And this is only its second wave up for a correction beneath the bearish bowl.
It will test 0.88 later by 3rd WAVE from B TO C.
Or lower position like E COULD happen if sellers are gathering together to pull it down .
Less is more!
EUR/GBP ignores Doji formation at 50-DMA.
Resumes weakness below 50-DMA.
Scope for test of 200-DMA at 0.8859, further weakness only on break below.
Next major support below 200-DMA lies at 61.8% Fib at 0.8824.
55-EMA is immediate resistance at 0.8933. Break above 21-EMA required for further upside.
Good to go short on upticks, SL: 0.8960, TP: 0.8875/ 0.8860/ ...
This is a short-term idea.
Finally, the range has been broken to the downside and the pair already has made a re-test of the lower side of it from underneath. The pair failed to get back inside the range, so this makes us believe we could see some more downside.
The only problem here is the EURGBP itself, as the pair likes to surprise traders and it ...