EUR/GBP – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is considered certain. Current target is 0.834065 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of resistance at 0.83752 could be enabled.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ chart pattern is detected. The candles form ‘Bullish Engulfing’. 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 chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.84184 |
| 2nd High | 0.83959 |
| Next High | 0.83752 |
| Current Price | 0.83289 |
| Next Low | 0.83229 |
| 2nd Low | 0.83093 |
| 3rd Low | 0.83061 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bullish Engulfing