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EUR/GBP - The Engulfing Candles are Pretty Convincing
Bearish Continuation Despite Oversold Reading: The weekly chart looks very bearish. especially after the break below 0.78. now, after a week of stalling and a rebound to 0.76, last week, price came down sharply again. Here, you also see a bearish engulfing candle. It is also what’s called an outside bar. Even though the RSI is in very oversold territory, the candlestick action suggests there could be further downside before the market is overstretched to the downside. (Imagine the market oscillating above and below “fair” value as momentum overshoots them in one direction or the other. Here, the “fair” ... (full story)
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- Feb 13, 2015 10:08am Feb 13, 2015 10:08am
- piprac
- | Joined Nov 2007 | Status: Member | 18 Comments
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- Feb 14, 2015 1:08am Feb 14, 2015 1:08am
- Ever E. Man
- Joined Feb 2012 | Status: Grand Ultimate | 455 Comments
The mind thinks, the heart knows...
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- Feb 14, 2015 1:14am Feb 14, 2015 1:14am
- Ever E. Man
- Joined Feb 2012 | Status: Grand Ultimate | 455 Comments
The mind thinks, the heart knows...