EUR/GBP – 1H – BUYCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 0.82746 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support zone at 0.83141 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Matching Low’ candlestick pattern is found. The candles form ‘Matching Low’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83272 |
| Next High | 0.83141 |
| Current Price | 0.83004 |
| Next Low | 0.82770 |
| 2nd Low | 0.82705 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Matching Low