If support holds we may see bullish price action towards upside target 1- then then target 2
However if we get a break of the ascending trendline we could see bearish price action towards downside target one
Last week we saw strong bullish price action on cable
Price is approaching key resistance level, possible pullbacks then continuation of bullish price action, maybe new highs?t
Will update as the week goes on
Linked to my previous post the pair failed to break the ascending trendline
It however has broke and retested the decending trendline, expecting new highs will update as things change
+ MA's showing bullish price momentum
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 ...
1) A failed head and shoulders pattern @ key daily resistance @ 0.86002
2) Price has broken the 0.86002 zone + counter trend line
3) Expecting a pull back from the H4 Resistance zone @ 0.86919 zone. ( opportunity for short term shorts)
and retest of the counter trend line + now support zone @ 0.86002
for longs towards 0.87315.
4) Upside target @ 0.87315 @ daily ...
1) Expecting a pull back into Daily resistance zone @ 113.847
2) If Daily resistance zone @ 113.847 holds
+ break of trend line expecting shorts to lower bounds of the range @ 112.35
3) Downside target ~ Support zone @ 112.354
4) if downside target @ @ 112.354
is achieved and broken will watch price action in this zone for further shorts towards 110.939 zone
1) Oil has been making lower swing highs and and swing lows
2) Expecting a new low to be formed around 46 zone @ daily resistance zone
3) A Break and restest of the trend line will warrant short entries
4) Downside Target 1 42.50 zone
1) The pair has been making consecutive higher highs and lows in confluence with the overall bullish trend
2) Most recent bullish move = 3rd bounce of ascending trend line + upwards moving 200MA
3) Possibility for new highs on the pair @ 0.7500?
4) Target 1 0.74093 in confluence with 61.8 fib level
5) If price holds above 0.74093 we may see Target 2 @ 0.74998 ...
1) Daily resistance zone
2) Downside shifts in MA's
3) Previous/ most recent daily candle closed below resistance zone
, if zone holds + break of ascending trend line shorts to 113.847
4) If support at 113.847 fails to hold further shorts towards 112.354
( May see price pullback into 114.467 when 113.847 is reached to accumulate shorts to take out the 113.847 ...