EURGBP Analysis 05/07/2023
EURO / BRITISH POUNDS H4 Time Frame
Major Trend = Ranging
Minor Trend = Ranging
Nearest Support Area = 0.87200-0.87400
Nearest Resistance Area = 0.88750-0.89130
Overall Bias = Long
Short Term Target = 0.87950-0.88175
Ideal Target = 0.88750-0.89130
Invalidation Level = 0.86900
Notes :
EURGBP has been in a prolong ranging consolidation area where currently price is once again retesting its major support zone.
Our 1st Main And "Ideal" Scenario is the black paths where price would most likely rebound quite sharply after price retested its major support zone that has been holding it for the past 5 months. This scenario will be invalidated if price broke down & close below 0.86900.
The 2nd "Worst Case" Scenario is the red paths where price does break below its major support zone, in this scenario price will likely fell quite sharply with a possible short retest of its new SBR (Support Becomes Resistance) level before continuing its decline.
Major Trend = Ranging
Minor Trend = Ranging
Nearest Support Area = 0.87200-0.87400
Nearest Resistance Area = 0.88750-0.89130
Overall Bias = Long
Short Term Target = 0.87950-0.88175
Ideal Target = 0.88750-0.89130
Invalidation Level = 0.86900
Notes :
EURGBP has been in a prolong ranging consolidation area where currently price is once again retesting its major support zone.
Our 1st Main And "Ideal" Scenario is the black paths where price would most likely rebound quite sharply after price retested its major support zone that has been holding it for the past 5 months. This scenario will be invalidated if price broke down & close below 0.86900.
The 2nd "Worst Case" Scenario is the red paths where price does break below its major support zone, in this scenario price will likely fell quite sharply with a possible short retest of its new SBR (Support Becomes Resistance) level before continuing its decline.
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