EUR/GBP – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend will continue. Current target is 0.83413788 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 0.83386 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Inverted Hammer’ candlestick pattern is detected. The chart shows ‘Inverted Hammer’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83642 |
| 2nd High | 0.83552 |
| Next High | 0.83386 |
| Current Price | 0.83212 |
| Next Low | 0.83088 |
| 2nd Low | 0.82675 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Inverted Hammer