if GBPEUR breaks the upper trend channel shown and 1.2 (or consolidates between 1.18 and 1.2), this could mark the beginning of resurgent GBP. It appears likely this will coincide around the coming French elections...
There is still a large bigger downtrend on this pair's longer timeframes. I am expecting one more impulsive leg down to form a wave 5 in the wave pattern I currently see on this daily chart.
Price is as well currently inside a descending triangle, which increases the chance for a break down today or tomorrow since we are very close to it's apex.
If price would...
some simple price action analysis here. On the daily timeframe price is going to retest previous support that once broken should become resistance. On the lower timeframe (4h) we can see some different clues pointing in the same direction: first, a butterfly pattern that's completing very close to the structure (black line), second, a .618 and a .382...
I now believe the eurusd bearish bias to be seriously over sold ,
The buyers look like that are starting to gain a control over further falling movements.
A bullish engulifing candle is being created on the 1hr lets see how the candle closes
LONG EURAUD ALONG WITH EURUSD ATM;
EURUSD COMPLETE OF ABC PATTERN AND BULLISH BREAKOUT TOWARDS D IS CONFIRMATION FOR THIS TRADE
EURAUD HEAVILY OVERSOLD ON MOST TIMEFRAMES; LOOKING FOR A MINOR PULLBACK TOWARDS MAJOR SUPPORT TURNED RESISTANCE 1.4
STILL BEARISH ON MONTHLY HOWEVER WITH ANOTHER ABC PATTERN COMPLETED AND A CONSIDERABLE PUSH SOUTH FROM THE 61 FIB LEG ALREADY
we finally broke out of the consolidation zone and tested 120. found support on 18ema and key monthly level.
I do strongly think at some point this year we will see a huge decline in EJ and i will be mainly bearish on this pair moving forward.
I will be looking for shorts to 118's firstly then will wait to see if we break and rest the weekly trend line.
This month we have seen major bearish moves on EURGBP of the 0.88062 Zone, with the pair taking away its bullish momentum the monthly candle is looking to close as an shooting star.
Anticipating a continuation of this bearish move this week if we manage to remain below 0.86 monthly resistance zone.
If daily resistance holds at 0.85361 i will be looking for shorts...