EURGBP Sickie

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = EURGBP : 60 min Chart (Posted Below)

Long Term Trend = UP : Short Term Trend = Down

With the whole of the UK at a standstill, schools closed, transport infrastructure frozen, it was no wonder we finished the trading day on our cross with a doji. At least my fellow bloggers returned safely from Iceland, even if they did bring the weather with them.

Having taken some initial gains, price was beaten back to end in the doji as mentioned.

With stochastics pointing up, above the signal line, from oversold.

RSI is still pointing up since the recent low (Crossing the 50 line would be some conformation).

I see further gains today as we currently sit on a fib breather level.

Checking the smaller time frames of 240,60 &15 reveals price in a decreasing triangle, being squeezed. A break to the top would be the likely route of escape, however beware of the retail index hovering as resistance.

Dynamic traders would look for a BOB using ESLT to enter the trade.

With major news in the GBP on Thursday, Wednesday could provide a bag of pips.

As always do your own analysis before entering a trade.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst