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Pure Price action, 4h shooting star pin bar
momentum changing from the retracement during London
Bearish overall pressure from the Daily time frame
enter off H1H2 8:25 EST or right at 4h close
4h close brings the momentum and takes it 45 pips in under an hour from H1H2
1)Price failed to break and close above resistance zone @ 0.99040
+ triple top formed @ 0.99500 zone
2) False Break and retest of descending price channel
3) Daily support broken @ 0.98402 zone
4) Previous Daily candle closed as an bearish engulfing
5) MA's spiralling to the downside
adding confluence to bearish momentum
6) A break of the trend line will...
1) Double top formed @ Daily resistance @ 109523 zone
2) Downside shifts in MA's
3) Previous/ most recent daily candle closed below resistance level
@ 1.84228 zone, if zone holds + next daily candle close below zone
will warrant further shorts.
4) Target 1 @ 1.80041
5) Target 2 @ 1.76786 = Daily support zone giving extra confluence
Bullish price action may see new swing lows @ 106.989 area in a few weeks?
as the pair has consecutively made Lower highs and lows.
1) Break and retest of trend line
2)strong resistance levels @ 114.467 area
+ downside moving averages
for further confluence for continuation of bullish trend conformation
3) Daily candle closed as an bullish engulfing previous...
Price failed to complete new swing low within price channel
1) Break and retest of descending price channel
2) Daily support held @ 0.98402
3) Daily candle closed as an bullish engulfing previous days
+ broken daily resistance @ 0.99040
4) Target 1 @ 0.96627
5) Target 2 @ 1.00398
1) Multiple price rejections for further upside @ resistance level 104.987
2) A Break of trend line & break of support zones 103.5352 & 103.358 will warrant shorts.
3) Target 1 @ 101.043
4) Target 2 @ 98.764
We may possibly see a new swing low if 98.764 is taken out
as on higher time frames the pair has been making lower highs & lows consecutively.
1) If price takes out resistance level @ 1.90523
2) longs to 1.95176 which is in confluence with 61.8 fib and 50 MA
3) If 61.8 fib level (1.95176 ) fails to hold as resistance further longs to 2.000
4) If 61.8 fib level (1.95176 ) holds successfully as resistance shorts back into 1.9052 3
TRADE WITH CARE THIS WEEK AS FUNDEMENTALS WILL RESULT IN MAJOR VOLATILITY ACROSS THE GBP AND EUR PAIRS!.
A FULL ANALYSIS BREAKDOWN WILL BE UPLOADED ONTO MY YOUTUBE CHANNEL BedroomBillions, Follow me on Twitter & Instagram @ Billionsfx , for regular market analysis
Following the upcoming brexit referendum gbpusd is likely to see large amounts of volatility,...
