EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support level at 0.84817 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 0.85116 could happen.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 0.84817 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support zone at 0.85116 could happen.
Consider stop-loss settings accordingly.
Next a ‘Shooting Star’ candlestick chart pattern is detected. The chart forms ‘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 ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.85472 |
| 2nd High | 0.85445 |
| Next High | 0.85116 |
| Current Price | 0.84987 |
| Next Low | 0.84817 |
| 2nd Low | 0.84694 |
| 3rd Low | 0.83224 |
0.85116 – 0.85445 – 0.85472 – 0.84817 – 0.84865 – 0.85107
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Shooting Star