EUR GBP is running horizontally. Also 100SMA is horizontal. The support is holding. We need to wait that it comes out of the down pressure before we can start thinking of riding the the candles. Do not bet it will go that way but be patient and wait until you see the opportunity. It could also still drop. Bearish pressure still on and below 100SMA. Let's wait and see if opportunitiy arises.
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It may still hit the low at 0.880453...it made a little run stopped by the descending 20SMA
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Please note that these are my personal ideas and may be wrong therefore be careful. I am open to all possibilities but that break (if will ever happen) may be interesting for a little run. Unfortunataly there is no trend going on but a lot of pressure on support.
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EUR GBP is trying to exit that downword channel using the smaller upper channel but is encountering a lot of resistence
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The resistence is represented by the support previusly broken (indicated with an arrow). RSI is diverging but the result might have been the run towards the resistence which is proving storng
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Still early to say but just for your info I am looking for the price to reach that resistence with the arrow, retrace and than wait and see how it behave. EUR GBP exited the downword channel by the exit is very timid so far.
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If it happen to be a bull's trap I will wait and see
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But please note that if there is a risk of a bull trap you should not try to anticipate the move. You must wait and see price action to give you the signal. Nothing else. Patience.
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Sorry cannot trade this until it clears itself up a bit
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The pair is providing upwords signals but very undecided.
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Have you seen the bull's trap upon breaking that hypotenuse? To me that is a bull's trap. To you?
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When that happen and you recognize it, you can try to follow it for a while. On this pair, as the price re-entered the descending triangle, it re-took all the bearish pressure previously experienced which helped iit to reach and breach the support. Now it's pointing lower but I cannot identify target.
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Ok, the target was the lower trendline of the downword channel. Technically make sense, agree?
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1st arrow: re entered the descending pattern, touching the support and test of the top-down trendline;
2nd arrow: broke the support and tested it;
3rd arrow: went for the target.
2nd arrow: broke the support and tested it;
3rd arrow: went for the target.
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The move occurred between 13.30 and 14:30...it took an hour or so to unfold
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From here you can see that after brasking the support the pair is going for a low on the supported area.
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This move remembers me the bullish flag is making on Bitcoin. Here we have the spikes violently coming down towards support area. We need to wait.
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Judging from this angle and considering what it just did, I would expect the pair to be under a lot of bearish pressure until RSI goes in oversold territory before bullish sentiment resume.