EUR/GBP – 4H – BUYThe pair Euro/British Pound (EUR/GBP) breaks through the ascending trendline up.
A continuation of the upward movement upwards to the next resistance at 0.83642 is considered certain.
Caution: A possible change in the direction of support at 0.82625 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is considered certain. Current target is 0.83281 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance line at 0.83642 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Two-Candle Shooting Star’ chart pattern is detected. The candles form ‘Two-Candle Shooting Star’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.83752 |
| Next High | 0.83642 |
| Current Price | 0.83391 |
| Next Low | 0.82625 |
| 2nd Low | 0.82220 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Two-Candle Shooting Star