EUR/GBP Bullish Again- June 19, 2013

Colin Jessup

The EUR/GBP printed one of the largest bullish daily candles yesterday in about a month, but is this the start of a new Bullish movement or will we drift lower again and maintain the daily triangle formation? Price halted its march north yesterday in line with recent descending highs to provide the third touch of a descending trend line, one that forms a triangle when combined with the rising trend line from the higher lows below. The high also kissed the Weekly R2 at 0.8585 before pulling back but not necessarily reversing just yet, or at all. A daily close above 0.8600 could bring the bulls running towards the Weekly R3/Monthly R1 at 0.8625 (+/-), and area the provided support & resistance through the latter half of February and first half of March. Support is pretty solid below too at 0.8540, the lows for the entire last week of May more or less. At this point, the bulls do seem to have more control, but I for one am not convinced by the political posturing that brought this on yesterday after Draghi’s comments and the market’s pessimism of relatively good UK data for the Sterling. Be careful with this one!

EURGBP Daily

Happy Trading

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.