EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) breaks through the bearish trendline up.
A bullish ascent upwards to the next resistance level at 0.85380 is likely expected.
Caution: A possible change in the direction of the support level at 0.84817 could occur.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Inverted Hammer’ candlestick chart pattern is existing. The chart shows ‘Inverted Hammer’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.85472 |
| 2nd High | 0.85445 |
| Next High | 0.85380 |
| Current Price | 0.85006 |
| Next Low | 0.84817 |
| 2nd Low | 0.84694 |
| 3rd Low | 0.83224 |
0.85380 – 0.85116 – 0.85445 – 0.84817 – 0.84865 – 0.85107
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Inverted Hammer