EUR/JPY: uncertainties around the euro
On the daily chart of EUR/JPY, bulls and bears are fighting for the upper boundary of the downward channel.
EUR/GBP: bears organized a reversal
Recommendation:
BUY 0.899
SL 0.8935
TP 0.907 TP2 0.92 TP3 0.93
On the daily chart, EUR/GBP formed “Spike and reversal with acceleration” pattern. A break of trendlines allowed bears to develop a correction towards 0.8765-0.8810. In that area, there’s a target of the “Shark” pattern and 50% level of the last long-term bullish wave.
On H1, EUR/GBP reached 261.8% target of AB=CD, that increases the risks of a pullback. At the same time, resistance at 0.8980-0.8985 looks very serious. Only in case of its successful test, bulls will get hope for the resumption of the long-term uptrend.
Ivan Karamazov
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