EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) jumps from the descending trendline down.
A continuation of the bearish trend downwards to the next support line at 0.83224 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.84919 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Northern Doji’ chart pattern is discovered. The candles show ‘Northern Doji’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.85404 |
| 2nd High | 0.85218 |
| Next High | 0.84919 |
| Current Price | 0.84247 |
| Next Low | 0.83224 |
| 2nd Low | 0.83151 |
| 3rd Low | 0.82473 |
0.84919 – 0.85218 – 0.85218 – 0.84581 – 0.84955 – 0.84616
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Northern Doji