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EURGBP is rejecting 21 EMA for a second day

Wednesday, March 14, 2018 10:58 AM GMT

The pair created a major top at 0.897 and its still in corrective mode. It is currently rejecting the 21 EMA for a second in the daily timeframe. This can be considered as a bearish indication. Below, there is the lower side of the rising channel which may act as an important support. Bulls like to see a price movement above 21 EMA and preferable above yesterday’s high. The trend remains bearish.

Daily

Heading to the hourly timeframe, the pair is forming a type of triangle. If price violates the lower side of it to the downside, then it will target the lower trendline (T1) (of the daily rising channel). On the other hand, if price breaks out the upper side then bulls may target at the trendline (T2).

Hourly

(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between this and your own strategy, then you may have even better trading setups.

 

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