Good Morning Dynamic Traders
"Better to have tried and failed, than not tried at all"
Cross = EURGBP : 60min Charts (Posted Below)
Long Term Trend = UP : Short Term Trend = Down
Good evening Dynamic Traders, I hope you have had time to recharge your batteries after last weeks trading and are looking forward to what is in store this week. I had a "Twitter" from Javid today saying it was freezing in Iceland where he is at present, having seeing the weather forecast for the UK he might as well stay where he is.
With not much on the TV last week apart from announcing the recession, I thought choosing the EURGBP to be the appropriate cross to look at this week.
First thing we must do is establish the trends both long and short term and also support and resistance. I have done this on the day chart which is what I do my initial analysis on.
RN seem to play a key part on this chart with the bottom support @ 0.77, recent support @ 0.88 and Resistance not quite making 0.99. I have included the magical 1.00 also on the top of the chart.
My EMA's show me the uptrend we have been in until late and you should be able to see the candle formation / pattern of the letter "M", where we currently are at the neckline.
This week I want to look at the RSI indicator and will discuss in more detail tomorrow.
If we break through current support with a BOB and ESLT we could see the Retail Index as our safety net, however with the trend being up, a bounce on the current support is more likely which could see us go on to retest the Holy Grail of 1.0 and put more weakness on the UK economy.
Remember to print your news, refer the information to the chart below and do your own analysis before entering a trade.
Courtesy of Advanced Get / E Signal
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