Forex4you - Analytics

    Forex4you

    536.00 7.00/10
    60% of positive reviews
    Real

    EUR/GBP: bullish potential longer-term; short-term ambiguous

       
    The pair is broadly basing at the level of a key channel-line and the 200-month MA. This is the view on the monthly chart and it seems to be indicating the possibility of a rebound higher, and change in the medium – if not the longer-term trend.

    On the weekly things still look bearish after a pull-back formed into a bearish engulfing last week, however, there has been a lack of follow-through so far.

    It’s less clear where things are going on the short-term 4-hr chart which appears to be stuck in a sideways consolidation and ultimately I’d like to see a clear break above the range highs at 0.7482 to confirm a move higher, with a target at 0.7531, at the R2 Monthly Pivot.

    Alternatively, a break below the 0.7120 level could lead to a swift move down, since this level has had multiple contact – look for a break followed by pull-back and re-touch before going lower.

    More certain would be a break below the March lows, including a 20-point margin, so below 0.6980 would probably lead to a move down to support at the 0.6900 round-number.
    EURGBP15

       
    The pair is broadly basing at the level of a key channel-line and the 200-month MA. This is the view on the monthly chart and it seems to be indicating the possibility of a rebound higher, and change in the medium – if not the longer-term trend.

    On the weekly things still look bearish after a pull-back formed into a bearish engulfing last week, however, there has been a lack of follow-through so far.

    It’s less clear where things are going on the short-term 4-hr chart which appears to be stuck in a sideways consolidation and ultimately I’d like to see a clear break above the range highs at 0.7482 to confirm a move higher, with a target at 0.7531, at the R2 Monthly Pivot.

    Alternatively, a break below the 0.7120 level could lead to a swift move down, since this level has had multiple contact – look for a break followed by pull-back and re-touch before going lower.

    More certain would be a break below the March lows, including a 20-point margin, so below 0.6980 would probably lead to a move down to support at the 0.6900 round-number.
    EURGBP15


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree