EUR/GBP – 30M – BUYCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 0.82822748 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support level at 0.83123 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Matching Low’ candlestick chart pattern is discovered. The chart forms ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83123 |
| Current Price | 0.82945 |
| Next Low | 0.82864 |
| 2nd Low | 0.82695 |
| 3rd Low | 0.82671 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Matching Low