EUR/GBP – 30M – BUYThe combination Euro/British Pound (EUR/GBP) moves from the bullish trendline down.
A bearish movement downwards to the next support line at 0.83635 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.84061 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Target of the current trend is 0.834465 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support line at 0.84061 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Down’ candlestick pattern is discovered. The chart forms ‘Three Outside Down’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.84061 |
| Current Price | 0.83717 |
| Next Low | 0.83635 |
| 2nd Low | 0.82832 |
| 3rd Low | 0.82742 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down