Market is currently bullish, coming from a triple bottom at supporting price range o.8310 and 0.8390 respectively, with confluence at fibonacci retracement 0.0 level, between (14/12/’16) to (27/04/’17), market was currently ranging, but broke through resistance at fibonacci retracement level 50.0 around (12/06/’17), giving added confluence for the markets bullish trend, whereby this level of resistance could now be considered support, as price stayed at MPP respectively, with our 21/55 moving averages giving a good angle of separation and added bulling support.

As price is now at our MR2 and fibonacci retracement 100.0 levels giving confluential confirmation of our resistance level, I see this trade going in two respective directions, whereby we will see the market either respecting the level of resistance, retracting to between our MP1 and MM3 levels for a higher low, our stochastic(8:3;5) indicator is showing the pairs past the 80 marker and seem to be in a phase of crossing, indicating the pairs to being subjected to an overbought scenario, and we are currently at the same price level the pairs were at more than 11 months prior at 0.9158.

Having staited the above, however, we find ourself entering Q4, whereby we can see in the same sector in the previous Q4 period a wick braking through our level of resistance, giving speculation as to a possibility of reaching our MR3 levels, whereby our resistance becomes support at the fibonacci retracement level 100.0 and heads up to the 138.0 level respectively, keeping its bullish trend and retracting near the end of our present Q4 period.

EURGBPiDaily

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