$EURGBP - Cup and Handle, Wedge, H&S and some economic data
Hi guys! 👋🏻
🔔 Hourly EUR / GBP chart created an inverted cup and handle pattern, supporting the downtrend.
🔔 This pattern indicates that the bears are on duty overall and will continue the downtrend after breaking the lowest support, in this case 0.88700, after a slight upward correction.
🔔 Factors that could support the EUR / GBP's downward trend are extensions of the lockdowns in the Euro zone, while the number of Covid-19 cases has increased in previously heavily affected regions such as Spain and Italy. Political developments in Italy also play an important role in the economic recovery and the greater stability of the euro area.
🔔 EUR / GBP touched a significant support level at 0.88700 and remained above the support. As the 4H chart below shows, if the euro goes below this support it could be in high danger.
The December 25, 2020 correction created a sharp descending triangle, and a breakout from its upper edge will signal a strong uptrend. If the breakout is confirmed, the first resistances to watch are 0.89440 and 0.90000.
🔔 On the grid below, the pair has formed the Head and Shoulders pattern and is the support neckline at 0.88700. As the pair is still above the neckline, there is no confirmation of the pattern, but if the pair breaks below the 0.88700 support, the bearish trend will continue until 0.87900 and below it 0.86900 to complete the Head and Shoulders pattern.
🔔 Confirmation of the downtrend is breaking down the current channel and closing below the 0.88700 support
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Hourly EUR / GBP chart created an inverted cup and handle pattern, supporting the downtrend.
🔔 This pattern indicates that the bears are on duty overall and will continue the downtrend after breaking the lowest support, in this case 0.88700, after a slight upward correction.
🔔 Factors that could support the EUR / GBP's downward trend are extensions of the lockdowns in the Euro zone, while the number of Covid-19 cases has increased in previously heavily affected regions such as Spain and Italy. Political developments in Italy also play an important role in the economic recovery and the greater stability of the euro area.
🔔 EUR / GBP touched a significant support level at 0.88700 and remained above the support. As the 4H chart below shows, if the euro goes below this support it could be in high danger.
The December 25, 2020 correction created a sharp descending triangle, and a breakout from its upper edge will signal a strong uptrend. If the breakout is confirmed, the first resistances to watch are 0.89440 and 0.90000.
🔔 On the grid below, the pair has formed the Head and Shoulders pattern and is the support neckline at 0.88700. As the pair is still above the neckline, there is no confirmation of the pattern, but if the pair breaks below the 0.88700 support, the bearish trend will continue until 0.87900 and below it 0.86900 to complete the Head and Shoulders pattern.
🔔 Confirmation of the downtrend is breaking down the current channel and closing below the 0.88700 support
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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