Looking at EURGBP, we have a few confluence factors from our Top Down Analysis
From a Daily time frame
- There was a previous demand zone that was respected by price action
- Price looks to be in a downward trend but could be starting a corrective wave
- We see a potential supply zone that could stop the corrective wave, and thus it could go into a ranging market
From a 1H time frame
- We do see the supply zone being respected by price action
- There is still a possibility of a reversal happening, and either the supply zone is respected or broken through
We are awaiting candlestick confirmation on reversal patterns or continuation patterns before making our trade.
Our sentiment is bearish.
From a Daily time frame
- There was a previous demand zone that was respected by price action
- Price looks to be in a downward trend but could be starting a corrective wave
- We see a potential supply zone that could stop the corrective wave, and thus it could go into a ranging market
From a 1H time frame
- We do see the supply zone being respected by price action
- There is still a possibility of a reversal happening, and either the supply zone is respected or broken through
We are awaiting candlestick confirmation on reversal patterns or continuation patterns before making our trade.
Our sentiment is bearish.