Hi traders, today we are looking at the EURGBP as buyers continue to hold out above a key level of support. This level has been in play since January 2023.
The level we are talking about is seen at .8730, and it also runs down to .8720. This level is seen as a key level as if you switch over to the weekly chart, and you will also see this level clearly. It’s good to see support levels on multiple timeframes, it can also be seen on the 4h, but we are watching primarily from the daily.
After yesterday’s failed test lower, buyers have control today. We would like to see a new move to test or break .8808. This move would not only continue to confirm support, but it could also break the current downtrend and start to confirm a breakout of a descending triangle pattern. If we see an upwards break, we will look at the two higher red resistance points as possible areas of rejection.
If sellers regain control and take price back to support, this is a worry and could suggest buyers' numbers are not that strong, and sellers could be looking at new lower tests.
Do buyers have the number to continue today's move higher?
Good trading.
The level we are talking about is seen at .8730, and it also runs down to .8720. This level is seen as a key level as if you switch over to the weekly chart, and you will also see this level clearly. It’s good to see support levels on multiple timeframes, it can also be seen on the 4h, but we are watching primarily from the daily.
After yesterday’s failed test lower, buyers have control today. We would like to see a new move to test or break .8808. This move would not only continue to confirm support, but it could also break the current downtrend and start to confirm a breakout of a descending triangle pattern. If we see an upwards break, we will look at the two higher red resistance points as possible areas of rejection.
If sellers regain control and take price back to support, this is a worry and could suggest buyers' numbers are not that strong, and sellers could be looking at new lower tests.
Do buyers have the number to continue today's move higher?
Good trading.