EUR/GBP: meeting resistance

Daily Forex Reports | by Forex4you | Thursday, 02 August 2012 10:59 UTC
The EUR/GBP exchange rate has been rising since it made new lows in July. It has now found resistance from the top of the rising channel and a monthly pivot, and has formed a shooting-star candlestick on the hourly chart with diverging RSI. There may also be a dark cloud-cover candlestick on the 4-hour chart although we are still awaiting confirmation. A break below 0.7869 or a strong reversal pattern would be confirmation of a reversal down, targeting 0.7840 first. A breakout higher on the other hand could reach 0.7990.

Written by Forex4you.com

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.


Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.