GBPEUR Breakout up-move going to persist?Price gave breakout above the year long consolidation, structurally the consolidation seems like a complex inverse head and shoulder pattern, which eventually broke above the level of 1.1630 (Neckline of the formation). The whole consolidation structure is at support of multi year rising trendline, taking support of which price has shown multiple bounce backs in the upper direction.
We are expecting a sustained up-move and eventual breakout of 1.216 which was previous upswing's high. Bullishness is going to persist for the next 1-2 quarters.
Resistance 1: 1.1934
Resistance 2: 1.2131
Support 1: 1.1510
For fresh entries, I would wait for a pullback, consolidation & upon continuation of the move in the upper direction. I would be interested in taking long entries.
In summary: Bullish for up coming days but for fresh entries wait for the pullbacks!
For Educational Purposes only, Not an Investment Advice, Always use strict Risk management measures.
Regards CrazyTrades247.
Long