Wohlstandfx

EURGBP PREFERS LONG

Long
OANDA:EURGBP   Euro / British Pound
The counter EURGBP looks to be forming a head and shoulder pattern between ranges of 0.9000 and 0.8878. We see the neck support of 0.8878 holding strong the third time today. We look to buy at ranges of 0.8878 and 0.8900, maintaining stops below the neck line of 0.8878 and testing to reach 0.8980 to 0.9000. We recommend this move only for a short term or for just an intra-day trade.

As the head and shoulder pattern looks to be clear, we expect the neck line of 0.8880 as a strong support. Once this support breaks, we expect the counter to have an aggressive fall. In case of the neck break, go for shorts maintaining stops above 0.8890 to 0.9000 levels. The markets can try to hit lower levels of 0.8690 to 0.8670.
Comment: The counter broke out the resistance trend line at the price 0.8961, so the bullish trend still exists. We look for a buy till the price 0.9054(HEAD) and maintain the stops below the resistance line. We recommend this move only for a short term or for just an intra-day trade
Comment: Yesterday the counter made an entry in the support line and started moving upwards. The resistance is maintaining at the price 0.9007 if it breaks the resistance (0.9007) go for a buy. Maintain your stops below 0.8913.

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