EUR/GBP – 4H – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the bullish trendline down.
A bearish descent downwards to the next support at 0.82746 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 0.83141 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Target of the current trend is 0.82555592 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 0.83141 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Harami’ candlestick pattern is discovered. The chart forms ‘Bearish Harami’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Harami’ going down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83642 |
| 2nd High | 0.83272 |
| Next High | 0.83141 |
| Current Price | 0.82861 |
| Next Low | 0.82746 |
| 2nd Low | 0.82220 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Harami