EUR/GBP – 30M – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the ascending trendline down.
A descending movement downwards to the next support level at 0.82898 will continue.
Caution: A possible trend reversal in the direction of resistance at 0.83051 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Target of the current trend is 0.82834234 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support line at 0.83051 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Three Black Crows’ candle chart pattern is discovered. The candles form ‘Three Black Crows’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83249 |
| 2nd High | 0.83173 |
| Next High | 0.83051 |
| Current Price | 0.82932 |
| Next Low | 0.82898 |
| 2nd Low | 0.82850 |
| 3rd Low | 0.82742 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Black Crows