Trading Ideas for EUR/GBP - bearish ranging within key levels
Skandinaviska Enskilda Banken made some technical analysis for EUR/GBP estimated the bearish market condition to be continuing with below 0.71 figure.
The price is on bearish market condition located below 100 period SMA and 200 period SMA. Price is ranging within Fibo resistance level at 0.7492 and Fibo support level at 0.6935. RSI indicator is estimating the primary bearish to be continuing, and the price is breaking 61.8% Fibo support level at 0.7123 from above to below for 0.6935 level as the next bearish target. By the way, 'reversal' level for this pair is 0.8009, and if the price crosses this level so we may see the reversal of the price movement to the primary bullish market condition with a good breakout possibility for example.
| Resistance | Support |
|---|---|
| 0.7492 | 0.7123 |
| 0.8009 | 0.6935 |
If the price will break Fibo support level at 0.6935 so the primary bearish will be continuing.
If the price will break Fibo resistance level at 0.7492 so the bear market rally will be started with the good
possibility to the reversal of the price movement from the primary
bearish to the primary bullish market condition.
If not so we may see the ranging within the levels.
- Recommendation for long: watch the price to break 0.7492 for possible buy trade
- Recommendation
to go short: watch the price to break 0.6935 support level for possible sell trade
- Trading Summary: ranging
SUMMARY : bearish
