EUR/GBP – 30M – BUYThe combination Euro/British Pound (EUR/GBP) jumps from the ascending trendline downwards
The bearish trend down to the next support line at 0.82718 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.82974 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bullish Engulfing’. this is a bullish 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 ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83014 |
| 2nd High | 0.83005 |
| Next High | 0.82974 |
| Current Price | 0.82904 |
| Next Low | 0.82718 |
| 2nd Low | 0.82691 |
| 3rd Low | 0.82685 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bullish Engulfing