EUR/GBP – 30M – BUYThe currency pair Euro/British Pound (EUR/GBP) jumps from the bullish trendline down.
A bearish descent down to the next support level at 0.82888 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 0.83272 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 0.827575 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support zone at 0.83272 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Matching Low’ candle pattern is existing. The chart shows ‘Matching Low’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83272 |
| Current Price | 0.83004 |
| Next Low | 0.82888 |
| 2nd Low | 0.82504 |
| 3rd Low | 0.82304 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Matching Low