EURGBP on the daily chart is moving since April 21 in a descending channel at the bottom of a long downtrend.
A few attempts to break above the upper trendline have always failed and the same we can say for the lower one.
Recently the price reached an important monthly support and start to consolidate exactly over the lower trendline.
How can be approached this scenario?
After the last attempt of a break above the resistance, the pair is back to test the support area creating a double bottom pattern which is usually identified as a reversal figure.
In this case, a pullback to the upside can be expected and IF the market will break above the resistance at the 0.83800 level we can set a nice long order according to the Plancton Academy rules.
āāāāā
Follow the Shrimp š¦
Keep in mind.
š£ Purple structure -> Monthly structure.
š“ Red structure -> Weekly structure.
šµ Blue structure -> Daily structure.
š” Yellow structure -> 4h structure.
ā«ļø Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
A few attempts to break above the upper trendline have always failed and the same we can say for the lower one.
Recently the price reached an important monthly support and start to consolidate exactly over the lower trendline.
How can be approached this scenario?
After the last attempt of a break above the resistance, the pair is back to test the support area creating a double bottom pattern which is usually identified as a reversal figure.
In this case, a pullback to the upside can be expected and IF the market will break above the resistance at the 0.83800 level we can set a nice long order according to the Plancton Academy rules.
āāāāā
Follow the Shrimp š¦
Keep in mind.
š£ Purple structure -> Monthly structure.
š“ Red structure -> Weekly structure.
šµ Blue structure -> Daily structure.
š” Yellow structure -> 4h structure.
ā«ļø Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Note
Note
Note
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.