Here is the EUR/GBP monthly timeframe, where price is still technically printing higher highs and higher lows. Will this continue into 2018? Well we have seen the month of December close showing a rejection off the 0.87500 support area. Market participants may be looking for price to continue bullish from here and will be scaling down the timeframes to see further opportunity.
On the other hand, if price was to roll over to the downside and break the 0.87500 support we would need to wait and watch for the weekly market structure to change bearish. Major bear target on the long term scale is expected at 0.70 where it would make a triple bottom. Major bull target is expected at 0.96 where price has made a prior high in 2009.
Chart: EUR/GBP M1
I will watch those levels, thanks.
ReplyDeleteGreat review!
ReplyDeleteThe pair meets strong resistance provided by 38.2% Fibo around 0.89, but once taken the pair will aim the 23.6% Fibo at 0.8945.
ReplyDeleteThe pair is ranging.
ReplyDelete