EG Thesis
- Monthly: On the monthly EG market structure changed to bearish after break below 0.8586 weekly taking out previous lows. Last month close as a hammer candle after rejection off 0.8455 support signalling bulls could push EG higher in the long term.
- Weekly: Last week candle closed as a shooting star after rejecting off 0.8586 weekly resistance and closed below 0.8540 4hr level. This is indicating that there is a lot of sell pressure ready to push price a bit lower.
- Daily: Double top formed at 0.8586 resistance so for now EG price is destined for 0.8455 support. EG is currently stuck in an area of consolidation between 0.8586-0.8455.
- 1/4hr: After break below 0.8540 I do expect price to pullback up to level for a retest, If it holds then we could see a bearish rally to intended target forming a new low.
Trade active
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.