EURGBP – Bullish continuation expected the week of 17 Jan 2023
Updated
The following describes the recent price action:
- bullish trend followed by
- consolidation & formation of a double bottom.
- price holding above the 50EMA.
- an minor break out above the range.
- pullback to the range held by the significant support around 0.8500.
Since the preceding trend was bullish and price has been forming higher lows and highs, a trend continuation is likely. I am expecting that next week will see this happen. Targets can be around the next S/R level in the 0.8980 region.
Always use sound money and risk management and stay patient in all your trades.
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- bullish trend followed by
- consolidation & formation of a double bottom.
- price holding above the 50EMA.
- an minor break out above the range.
- pullback to the range held by the significant support around 0.8500.
Since the preceding trend was bullish and price has been forming higher lows and highs, a trend continuation is likely. I am expecting that next week will see this happen. Targets can be around the next S/R level in the 0.8980 region.
Always use sound money and risk management and stay patient in all your trades.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade closed: stop reached
Failed trade.
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