I posted a simple EG chart the other day calling short but I didnt really have much time to explain it. However today settled down a little bit so I thought I would come back and explain more of what I was seeing. Here are my factors.
-Price came right off the .764 of the last major decline.
-Printed bearish monthly candle
-Next candle printed also bearish monthly candle
-price retraced and printed another bearish monthly candle off the .618
-that same candle retested the bottom of the first bearish monthly candle off the .764
I assume the pound gets much stronger against the EURO long term.
That is just an assumption though, so we will just play the charts as they give us setups.
THIS IS A MONTHLY CHART = LONG TERM
-Price came right off the .764 of the last major decline.
-Printed bearish monthly candle
-Next candle printed also bearish monthly candle
-price retraced and printed another bearish monthly candle off the .618
-that same candle retested the bottom of the first bearish monthly candle off the .764
I assume the pound gets much stronger against the EURO long term.
That is just an assumption though, so we will just play the charts as they give us setups.
THIS IS A MONTHLY CHART = LONG TERM