EUR/GBP:Potential rounding bottom pattern is forming

July 6 , 2018

 

EURO is the base currency in the pair and jumping up in all the pair whereas GBP is not getting bullish momentum. This pair is known as fabulous hedged pair so it has got momentum towards upside.The EURO is supported by strong Germany data. The minutes from the Fed’s June meeting underscored the very strong economy and need to persist in their withdrawal of their still accommodative stance.

 

By applying the fibonacci retracement line we can see that it has crossed 61.8% level which indicates pure bullish signal for the time being. By witnessing the daily chart we can see that bulls have taken the charge and they will complete this journey of rounding bottom pattern. The way bulls are dominating the bears it seems like they are approaching the previous swing’s high which lie at 0.8963 level. The recent candles are full of bullish momentum and indicating further bullish signal and presently pair is trading above all major and minor EMA lines.

 

 

 

From technical prospective we can observe that and asceding triangle has been posted on the daily chart which is generating bullish signal and we will get further bullish momentum above the 0.8890 level which is a strong make or break level. The traders and investors are advised to wait for the valid breakout of the triangle’s horizontal line.

 

 

Short term to intermediate term trend is up and odds are in favor of bulls. The intraday bias remains bullish on the pair as long as pair is trading above 0.8800 level on the daily chart. A bullish crossover on MACD indicator is supporting the bulls.RSI is also favoring the bulls from positive territory.

 

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