EUR/GBP – 4H – BUYCorrection of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Current target is 0.83337692 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the resistance zone at 0.83141 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three Outside Up’ candlestick pattern is found. The chart shows ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83642 |
| 2nd High | 0.83272 |
| Next High | 0.83141 |
| Current Price | 0.83057 |
| Next Low | 0.82220 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Up