Rising Support HOLD or BREAK?! - EG
Here I have EUR/GBP on the 4 Hr Chart which has been CLEARLY using this Rising Support as a means to continue higher!
With the First Test on Aug. 23rd, there have been 4 more tests on the Rising Support with the 4th and 5th tests failing to keep Prices Higher than the High created after the 3rd Test! Not to mention the time taken between bounce 4 and 5 is much less than bounces given from 1st-3rd.
The 200 EMA has started to dip under the supposed Rising Support and is in position for Price to test the Rising Support again!
This leads me to believe EUR may be weakening so my bias on this pair is BEARISH!
-BUT-
What will the 6th bounce provide?! HOLD or BREAK?!
Fundamentally This Week:
EUR - Financial Stability Review (Wed), French, German & Flash PMI (Thur), Retail Sales (Fri)
GBP - Autumn Forecast (Wed), Flash PMI (Thur)
With the First Test on Aug. 23rd, there have been 4 more tests on the Rising Support with the 4th and 5th tests failing to keep Prices Higher than the High created after the 3rd Test! Not to mention the time taken between bounce 4 and 5 is much less than bounces given from 1st-3rd.
The 200 EMA has started to dip under the supposed Rising Support and is in position for Price to test the Rising Support again!
This leads me to believe EUR may be weakening so my bias on this pair is BEARISH!
-BUT-
What will the 6th bounce provide?! HOLD or BREAK?!
Fundamentally This Week:
EUR - Financial Stability Review (Wed), French, German & Flash PMI (Thur), Retail Sales (Fri)
GBP - Autumn Forecast (Wed), Flash PMI (Thur)
OR
Price will test the Break and use the Rising Support as Resistance!