EURGBP: Stay focused on this PULLBACK!
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🟢Forex Pair:
EUR/GBP
⚪Technical Analysis:
In the weekly time frame, since June 2020, the price has been bouncing many times on a strong support level at about 0.88600 and it's currently retesting the same area.
In the daily time frame, at the beginning of December 2020, the price reached for the last time the main resistance zone at about 0.91895, before collapsing down until the previous weekly support zone.
In the h4 time frame, since the 6th of January 2021, the price has been following a clear falling wedge pattern, breaking it only a couple of days ago.
It's currently trying to reach the main support and it could be essential to confirm a pullback on that level.
🔴Conclusion:
I believe this breakout could be an interesting trade opportunity and I'm confident to see the price reaching the next resistance zone at about 0.89300 but, I'll be waiting for the price to retest the support level first, and then I'll plan my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/GBP
⚪Technical Analysis:
In the weekly time frame, since June 2020, the price has been bouncing many times on a strong support level at about 0.88600 and it's currently retesting the same area.
In the daily time frame, at the beginning of December 2020, the price reached for the last time the main resistance zone at about 0.91895, before collapsing down until the previous weekly support zone.
In the h4 time frame, since the 6th of January 2021, the price has been following a clear falling wedge pattern, breaking it only a couple of days ago.
It's currently trying to reach the main support and it could be essential to confirm a pullback on that level.
🔴Conclusion:
I believe this breakout could be an interesting trade opportunity and I'm confident to see the price reaching the next resistance zone at about 0.89300 but, I'll be waiting for the price to retest the support level first, and then I'll plan my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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