This pair has broken a strong support line on the weekly time frame and created a newer low.
Pair is overextended and RSI in strong buy zone. I do expect a retrace north back into the weekly range between 0.8800 and 0.9200.
Once we have a break and close above 0.8900 I expect price to head to the top of the weekly channel. I'd advise not buying this until this support, now resistance, is broken.
GBP strength is weakening overall so my bias is EURGBP to the northside but patience is crucial here.
Good luck and let me know if I can help in any way.
Charles V
CVFX Management
Trading made Simple
Jan 2021: 14%
Pair is overextended and RSI in strong buy zone. I do expect a retrace north back into the weekly range between 0.8800 and 0.9200.
Once we have a break and close above 0.8900 I expect price to head to the top of the weekly channel. I'd advise not buying this until this support, now resistance, is broken.
GBP strength is weakening overall so my bias is EURGBP to the northside but patience is crucial here.
Good luck and let me know if I can help in any way.
Charles V
CVFX Management
Trading made Simple
Jan 2021: 14%