Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

EUR/GBP: Where To Next For Price?

Published 16/12/2014, 12:44
EUR/GBP
-

Looking at the monthly chart for EURGBP one can see that Price over the past couple of months has found support at a MAJOR long term support & resistance level (0.77393). We had an Inverted Hammer formation in October and Novembers bull candle helped strengthen that formation. So where to for Price looking ahead.

Well, a return to 0.82247 could very well be the case BUT in order for that to happen we need to see Price breaking out of this consolidation range on the weekly timeframe. We've not see the current LT resistance above at 0.80415 being broken above and that would need to happen (Weekly close) in order for us to consider looking long. Daily chart shows Price attempting the current resistance level which is the 200sma too.

So - trigger alert for break of the 0.80415 (look for a weekly candle close higher) level to consider going long otherwise we could see further consolidation with a return to test September lows at some stage


EURGBP monthly chart December 2014EURGBP Weekly chart 14th - 20th December 2014EURGBP Daily chart 16th December 2014

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.