EUR/GBP – 4H – BUYThe currency pair Euro/British Pound (EUR/GBP) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 0.82832 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Two-Candle Shooting Star’ candlestick chart pattern is detected. The candles show ‘Two-Candle Shooting Star’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 0.84246 |
| Next Low | 0.82832 |
| 2nd Low | 0.82625 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Two-Candle Shooting Star