EURGBP - Are we finally going up?Last 2/3 we have been ranging. Which direction are we going to break out? My biased is up, but there is a case where we can go down. Here is my analysis.
Fundamentals
Today ECB dropped interest rates by 25 basis points. Very likely that they will keep reducing. How much will this impact the EURX? We will see.
Technicals
→ We are at sitting at a trendline. We need to break this
→ We are sitting at a buy zone which acted as major support multiple times since FEB 2024. Will we bounce again? Or maybe drop lower.
Trade
→ Scenario 1 is most likely. We need to break the trendline to have extra confluence and break and re-test the first resistance at around 0.853 to confirm.
→ Scenario 2 is also a possibility. We have touched it multiple times eventually when knocking on a door too much it opens. Maybe this is one of the time. Wait for a clear break and retest on HT.
Your trading friend,
Simba Trades
