EURGBP: Trade Opportunities at 0.83000 and Trend Line
Here is another interesting market for the next week. Why is it interesting?
The price reached the support zone at 0.83000. The price bounced from this zone in December. This time we also should expect a possible reversal with an upward movement to the main downtrend line. The reversal signal will give us a buy opportunity in the hourly charts.
If we look at the indicators, we will see that the market can try to break this support. RSI has space up to the oversold zone. MACD is bearish. The same goes for DMI. We should be ready to get a false breakout and use it for buying as it will be a bullish signal.
For a case, if the fundamental news will be bearish and the price breaks the support zone. It will be possible to sell after a pullback to 0.83000 and retesting this level as resistance. But from my point of view, if we talk about selling, it will be better to do from the downtrend line.
If we talk about the bearish trend reversal, we should wait for a breakout above the downtrend line and the nearest resistance level. Also, the breakout above SMA100 will confirm the trend reversal. The breakout signal will be used for buying.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price reached the support zone at 0.83000. The price bounced from this zone in December. This time we also should expect a possible reversal with an upward movement to the main downtrend line. The reversal signal will give us a buy opportunity in the hourly charts.
If we look at the indicators, we will see that the market can try to break this support. RSI has space up to the oversold zone. MACD is bearish. The same goes for DMI. We should be ready to get a false breakout and use it for buying as it will be a bullish signal.
For a case, if the fundamental news will be bearish and the price breaks the support zone. It will be possible to sell after a pullback to 0.83000 and retesting this level as resistance. But from my point of view, if we talk about selling, it will be better to do from the downtrend line.
If we talk about the bearish trend reversal, we should wait for a breakout above the downtrend line and the nearest resistance level. Also, the breakout above SMA100 will confirm the trend reversal. The breakout signal will be used for buying.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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