EUR/GBP: Monitor potential double-bottom formation

EUR/GBP: Monitor potential double-bottom formation

From migbank.com

• EUR/GBP continues to improve. Monitor the resistances at 0.8590 (22/04/2013 high) and 0.8637 (17/04/2013 high). Supports can be found at 0.8519 (intraday low) and 0.8470 (20/05/2013 high). • From a longer-term perspective, the recent inability to make any significant new lows below the support at 0.8411 and the break of the shortterm declining trendline favour a base formation. Indeed, a double-bottom formation could be underway with support at 0.8411 and resistance at 0.8602/0.8637.

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#1
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May 24, 2013 8:23am May 24, 2013 8:23am

Trader#D3EF
| Status: Unregistered Trader

This Should Get Another Chance To Buy This Dip On E/U. Should Rally Back Up After US Data.

#2
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May 24, 2013 8:32am May 24, 2013 8:32am

xetrader
| Membership Revoked | Joined Apr 2013 | 30 Comments

what does that mean? Will we see a good sell opportunity here?

#3
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May 24, 2013 8:49am May 24, 2013 8:49am

Trader#E3A3
| Status: Unregistered Trader

No. If there it is a double bottom that mens that EUR/GBP will go up. But on H1 time it seams that we'll have head & shoulders, so EUR/GBP will go down.

#4
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Jun 3, 2013 5:08am Jun 3, 2013 5:08am

JayPipin
| Joined Dec 2012 | Status: Trader | 23 Comments

I wouldnt agree with a strong 'head and shoulders'
good time to buy, price now at 38 fib
Could fall to fib 50 which is at the 200 ema
Overall i suggest a long on this pair till 0.866 and later 0.888

#5
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Jun 3, 2013 5:19am Jun 3, 2013 5:19am

Squeeze
| Joined Dec 2012 | Status: Trader | 1195 Comments

No matter how many times I see comments wrt 'seeing patterns' it makes me smile. I'm always reminded of that film quote; "I see dead people"...

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Posted: May 24, 2013 7:49am
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 5 / Views: 2,097