dimanche 12 avril 2015
EURGBP Finds Support as Double Top Looms
Posted on 15:38 by nice news
A second attempt at the level produced the same outcome in early April as the pair fell 150 pips and eventually found refuge at .7225.
A look at the 4 hour chart over the past month tells the story. We have a potential double top between March and April along with neckline support coming in at .7225.
I say “potential” double top because this pattern has yet to be confirmed. For that we need to see a 4 hour close below the neckline at .7225. Only then can we begin watching for a retest of .7225 as new resistance.
That said, I’m also not opposed to selling this market at .7290 should the bears back off some to start the week. But for that I will need to see some form of bearish rejection of .7290 on a 4 hour basis.
Support levels below the neckline come in at .7154 and of course the multi-year low at .7012.
Summary: Wait for a 4 hour close below .7225 and then watch for a retest of the level as new resistance. Alternatively, a retest of .7290 as resistance combined with bearish price action could present a favorable selling opportunity. Key support comes in at .7225, .7154 and .7012.
A look at the 4 hour chart over the past month tells the story. We have a potential double top between March and April along with neckline support coming in at .7225.
I say “potential” double top because this pattern has yet to be confirmed. For that we need to see a 4 hour close below the neckline at .7225. Only then can we begin watching for a retest of .7225 as new resistance.
That said, I’m also not opposed to selling this market at .7290 should the bears back off some to start the week. But for that I will need to see some form of bearish rejection of .7290 on a 4 hour basis.
Support levels below the neckline come in at .7154 and of course the multi-year low at .7012.
Summary: Wait for a 4 hour close below .7225 and then watch for a retest of the level as new resistance. Alternatively, a retest of .7290 as resistance combined with bearish price action could present a favorable selling opportunity. Key support comes in at .7225, .7154 and .7012.
EURGBP Finds Support as Double Top Looms
Categories: EURGBP Finds Support as Double Top Looms
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