The eurgbp daily chart is showing an overbought stochastic indicator.

The support area would be 0.79700 to 0.80200.

Therefore I expect price to retrace and I am interested to see if the trend stays in effect.

This has been a beautifull trend since the beginning of Dezember 2016.

It would be nice if price provides as with a higher low for us to be able to buy at a good price in direction of the trend.

Because there is no divergence on the indicators I do not try to counter trend.

2016-04-12_00-00-38eurgbp 4 hour

On this 4 hour chart  we may see that support is still holding its ground.

If asia manages to keep price over support then then we might only be given a very short retracement and price might continue right away higher.

If the support of the 4 hour breaks then we will be given a deeper retracement and need to see if the previous low is not taken out on the daily chart.



One thought on “EURGBP Retracement”

  1. Daniel Chan - Forex.Today says:

    Thanks Nuno. Euro strength or Pound sterling weakness ?

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.