Apologies for the late update, had errands to run this morning and early afternoon. EURGBP!
So after consolidating between the December/January period, bouncing between the 0.90750 and 0.89500 price regions, we saw finally saw a breakout to the downside. This creating new Lower lows and Lower highs. Currently we have formed a new lower high so we are well on our way to the downside to create a new lower low. This pair is already making an aggressive move to the downside, I will be looking for retracements for more sell opportunities.
The EUR has also broken the lows seen last year so I see more downside potential. The ECB or European Central Bank have kept rates on hold till the end of 2019 and have announced new loans known as the TLTRO, this fundamental factor aids our short analysis.
The reason for entry here was firstly the rejection of the trend line, although it has not touched the trend line for the 3rd time, we have seen bearish pressure confirming a Lower high made. Using the Fibonacci tool we can see the entry off the 38.2% with a slight stop hunt seen before tumbling to the downside. Looking left we can see this region is a minor Support/Resistance.
instagram : keownarcher
So after consolidating between the December/January period, bouncing between the 0.90750 and 0.89500 price regions, we saw finally saw a breakout to the downside. This creating new Lower lows and Lower highs. Currently we have formed a new lower high so we are well on our way to the downside to create a new lower low. This pair is already making an aggressive move to the downside, I will be looking for retracements for more sell opportunities.
The EUR has also broken the lows seen last year so I see more downside potential. The ECB or European Central Bank have kept rates on hold till the end of 2019 and have announced new loans known as the TLTRO, this fundamental factor aids our short analysis.
The reason for entry here was firstly the rejection of the trend line, although it has not touched the trend line for the 3rd time, we have seen bearish pressure confirming a Lower high made. Using the Fibonacci tool we can see the entry off the 38.2% with a slight stop hunt seen before tumbling to the downside. Looking left we can see this region is a minor Support/Resistance.
instagram : keownarcher
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Ignore the typo in the second paragraph !