*Yellow = 200 EMA | Blue = 100 EMA
The first update for
EURGBP
. After a successful analysis posted at the beginning of August, the analysis outlined resistance at 0.93332 and price found resistance at 0.93244, along with that, channel 1 and channel 2 were successful supports, but the initial analysis suggested that around 0.905 level there would be a retracement, and it instead acted as a buffer. Price consolidated for a couple of days before breaking channel 2 on the way down.
Price is currently in a retracement after finding support on the 200 EMA after breaking a 45º trendline.
What to look for in the next 2 weeks?:
a) Look for resistance around the 0.905 level which has acted as strong resistance in the past specifically between late August 2018, to mid-January 2019.
b) Support for this downtrend could be around 0.870 level which has been used as support and resistance from late September 2017, all the way to mid-April 2019.
c) Once price moves out of its retracement phase look for a resumption of a 45º trendline - which is a healthy pace and could mean a break of support.
Hopefully, this update was helpful to everyone reading and brings insight into their trading.
Good luck traders!
The first update for
EURGBP
. After a successful analysis posted at the beginning of August, the analysis outlined resistance at 0.93332 and price found resistance at 0.93244, along with that, channel 1 and channel 2 were successful supports, but the initial analysis suggested that around 0.905 level there would be a retracement, and it instead acted as a buffer. Price consolidated for a couple of days before breaking channel 2 on the way down. Price is currently in a retracement after finding support on the 200 EMA after breaking a 45º trendline.
What to look for in the next 2 weeks?:
a) Look for resistance around the 0.905 level which has acted as strong resistance in the past specifically between late August 2018, to mid-January 2019.
b) Support for this downtrend could be around 0.870 level which has been used as support and resistance from late September 2017, all the way to mid-April 2019.
c) Once price moves out of its retracement phase look for a resumption of a 45º trendline - which is a healthy pace and could mean a break of support.
Hopefully, this update was helpful to everyone reading and brings insight into their trading.
Good luck traders!
