Dynamic Trader Forex Blog FXCPS.co.uk: EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

One commodity you can not get back is time, how fast it passes through our fingers. It is hard to imagine we are coming to the end of April and it was only Xmas yesterday. All the more reason to learn, practice and earn from your Forex studies. Do not put off till tomorrow what can be done today.

With the week nearly behind us, it is time to summarise and look forward to our cross of the week EURGBP. I am leaving you with the Day chart for your overview of the cross.

The drawn support and resistance lines are taking price into a squeeze and it is moving very orderly between these lines. Despite the red candle showing on the chart as I write, both Macd and stochastic s are indicating a move up and today's action would be as a result of the VERY big move yesterday as previously explained. The VI is looking like a added line of support, coming up quietly below. I have drawn a horizontal line showing the MAJOR RN, which is having its own discussions with price as i write for the 13th time.

If you check your weekly chart you will also notice the force is bouncing off a support line, when the squeeze breaks out and if it is to the top then parity of 1 Euro = £1 is under threat. However with the worlds economy coming more under control a return to pastures old would be preferred.