EURGBP - Get out of shorts, look for a counter long entry
Daily: Maybe short term bottom is based here ard 0,7880-0,7900. MACD has been in positive divergence, Slow Stoch also up. Bearish momentum loosing steam, with ADX dropping, also DMI is about to cross back to positive.
Inner trendline and Kijun Sen are together at 0,7950. This is the first major Key Level on Daily chart. Once it breaks above Price may test the Kumo at/above 0,8000 as minimum tgt.
4 Hrs: For last few days Price consolidated below and in the Kumo. Today it is trying to break above, while Tenkan/Kijun gave a medium bullish cross as well (cross happened in the Kumo). DMI has been positive, but we got firm buy signal confirmation only as ADX moved above 20 (also above 25 by now), and now ADX is pointing up.
Horizontal resistance is 0,7935 and of course 0,7950. We'll likely have a firm bullish Kumo breakout soon, confirmed with a Chikou Span cross above Price and also above Kumo.
Strategy: Close all shorts if you have. Setup buy orders for counter trend long: Pull back 0,7920 Limit buy / Stop buy if bid at 0,7935. Initial Stop for long position has to be set 0,7895 if offered. In case we get stopped out of the position, we should not hesitate to setup the Stop buy orders at 0,7935 again.
Inner trendline and Kijun Sen are together at 0,7950. This is the first major Key Level on Daily chart. Once it breaks above Price may test the Kumo at/above 0,8000 as minimum tgt.
4 Hrs: For last few days Price consolidated below and in the Kumo. Today it is trying to break above, while Tenkan/Kijun gave a medium bullish cross as well (cross happened in the Kumo). DMI has been positive, but we got firm buy signal confirmation only as ADX moved above 20 (also above 25 by now), and now ADX is pointing up.
Horizontal resistance is 0,7935 and of course 0,7950. We'll likely have a firm bullish Kumo breakout soon, confirmed with a Chikou Span cross above Price and also above Kumo.
Strategy: Close all shorts if you have. Setup buy orders for counter trend long: Pull back 0,7920 Limit buy / Stop buy if bid at 0,7935. Initial Stop for long position has to be set 0,7895 if offered. In case we get stopped out of the position, we should not hesitate to setup the Stop buy orders at 0,7935 again.