EUR/GBP – 1H – BUYThe pair Euro/British Pound (EUR/GBP) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support at 0.83503 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.83847 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 0.83503 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support level at 0.83847 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Southern Doji’ candlestick pattern is existing. The chart forms ‘Southern Doji’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Southern Doji’ heading up is 51% (Bull Market) & 52% (Bear Market).
Additionally a ‘Double top chart pattern’ chart pattern is found. The chart picture forms ‘Double top chart pattern’. this is a bearish chart scenario. The currency pair is likely to go down.
Additionally a ‘Support Level’ indicator layout is existing. The indicator shows ‘Support Level’. which could be a negative signal. The currency pair could go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.84279 |
| 2nd High | 0.84197 |
| Next High | 0.83847 |
| Current Price | 0.83533 |
| Next Low | 0.83503 |
| 2nd Low | 0.82473 |
| 3rd Low | 0.82417 |
0.83847 – 0.84197 – 0.84279 – 0.83670 – 0.83503 – 0.83795
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Southern Doji