Bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with the rising lines; the market was supported by Kijun-sen, but now is overbought and it’s under strong resistance.
EUR/GBP: bulls counterattacked
BUY 0.881 SL 0.8755 TP1 0.891 TP2 0.9
SELL 0.8755 SL 0.881 TP 0.8655
On the daily chart, EUR/GBP bulls are trying to hold at the lower border of the 0.8775-0.8900 consolidation range. If they fail, a formation of the “Shark” and “Shakeout-Fakeout” pattern will increase the risks of the pair’s advance above 0.9000.
On H1, EUR/GBP is in the final stage of the “Widening wedge”. A break of resistance at 0.8795 (23.6% of the wave 4-5) and 0.8810 will open the way to the upside. Selling the pair will become a good idea below support at 0.8755.
Expanding bearish Ichimoku Cloud with rising Senkou Span A; a cancelled dead cross of Tenkan-sen and Kijun-sen with the rising lines; the market are returned into the positive area.
Recommendation: SELL 105…
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.