EUR/GBP on a Critical Zone
Good morning traders. Today we bring you the analysis of a pair that we consider interesting for the medium term. This is EUR / GBP.
🔸What we can see in the daily timeframe is that, in September, the price was rejected in the resistance zone, and slowly generated a bearish movement that broke the bullish channel.
🔸That breakout was somewhat tempting to take a bearish position, but we detected that there is a very strong support zone nearby. It is where the price is right now.
🔸We consider that this zone is critical since the last time the price was in this zone it generated a big upward movement.
🔸What we are waiting for is a break in the current zone, and a consolidation of the price below that confirms the break.
🔸In case of a bearish movement, it has a lot of downside potential. The first target is the 0.87000 zone, and then the 0.83000 zone.
🔸In the following chart it is seen in a higher timeframe how clearly every time the price rebounded from the Major Resistance zone, it fell abruptly. That is the basis of our analysis.
🔸What we can see in the daily timeframe is that, in September, the price was rejected in the resistance zone, and slowly generated a bearish movement that broke the bullish channel.
🔸That breakout was somewhat tempting to take a bearish position, but we detected that there is a very strong support zone nearby. It is where the price is right now.
🔸We consider that this zone is critical since the last time the price was in this zone it generated a big upward movement.
🔸What we are waiting for is a break in the current zone, and a consolidation of the price below that confirms the break.
🔸In case of a bearish movement, it has a lot of downside potential. The first target is the 0.87000 zone, and then the 0.83000 zone.
🔸In the following chart it is seen in a higher timeframe how clearly every time the price rebounded from the Major Resistance zone, it fell abruptly. That is the basis of our analysis.
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