Last week we established bearish bias & it pretty much unfolded as we assumed. I see lot of people getting excited about the down fall but in my view, things have not changed much. The pair is still range bound & has obstacles on both ways every 30-40 pips randomly. Currently the intraday approach for banking 20-30 pips is best strategy IMO. Still preferred...
Most important thing one should note in this chart is not the decorations of patterns, lines & labels..... The important thing in this chart is horizontal level 1.1670-1770 level, which is very significant. If it breaks above that with significant momentum then it has all the chance to visit 1.4000 handle & if it stay below & drops then it will test 0.8750 handle.
2.150 remains to be key level still for bullish trend, however as of now we have broken the falling trend line which hints for more bullish move in coming week. Looking for H&S formation in this pair, it might never happen but I m chartist so I will let my imagination float wild. I m already buying from 2.060-70 level & I will add more on pullback on retest of...
Key Level - 1.3720-25
Price has broken above this level, now pullback to this level will be a trigger for my longs.
Alternate Scenario - If price break below this level again, then I would play stop & reverse game.
Technical - Chart indicates that 0.8100-200 is going to be challenging price zone for EG to continue further. A clean channel & horizontal resistance.
Fundamental - There is lot of stuff going on right now with BREXIT because of which it is not easy to interpret GBP's strength or weakness. But having said that I m sure that BREXIT will not only impact GBP but...
Just to make it little fun, lets predict what will be todays bias ? Bearish or Bullish.
Let me define bearish or bullish day -->
Bearish = open price - 1 pip is bearish day
Bullish = open price + 1 pip is bullish day
Here I m not asking what is entry & how many people it will move etc. Only predict whether end of the day price will close below or above open...
Break above 2.1500 will see price fly high. Anticipating this to happen next week or it might happen a week after, but this is something one should have in radar. We are looking for potential minimum 1000+ 1500++ pips to the upside move. This is directional post only, entry & exits should be made according to your trade plan.