EUR/GBP -14/10/2022-
• Bullish trend intact despite recent fall
• 0.8600 very critical in this scenario
• The above level served as resistance from Sep 21 till the breakout in Sep 22
• After 5 failed tests of 0.8600, the 6th one was in Sep 22 when the breakout occured and prices rallied to 0.90 and above
• As you know, resistance levels become support as they are broken and that is the case now
• Besides the horizontal mentioned level, there is an ascending trend line dating back to Aug 22 which is also offering support at around the same level of 0.8600
• When different indicators converge at one level, the latter become a critical one
• Buy orders recommended as long as above 0.8600 with stop loss just below that level
• Sell orders on a confirmed break below the support 0.8600 figure
• 0.8600 very critical in this scenario
• The above level served as resistance from Sep 21 till the breakout in Sep 22
• After 5 failed tests of 0.8600, the 6th one was in Sep 22 when the breakout occured and prices rallied to 0.90 and above
• As you know, resistance levels become support as they are broken and that is the case now
• Besides the horizontal mentioned level, there is an ascending trend line dating back to Aug 22 which is also offering support at around the same level of 0.8600
• When different indicators converge at one level, the latter become a critical one
• Buy orders recommended as long as above 0.8600 with stop loss just below that level
• Sell orders on a confirmed break below the support 0.8600 figure
Ramzi Abou Abdallah, CFTe, CMT
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