EUR/GBP Bearing Down on a Flag Pattern | Forex Factory

  • EUR/GBP Bearing Down on a Flag Pattern

    From forexminute.com

    The 4H EUR/GBP chart shows a bearish market that has been consolidating for a couple of weeks within a channel that has a slight bullish tilt. This “channel” can be interpreted as a flag pattern within a strong bearish trend. Price has been sticky around the 0.80 area, but if EUR/GBP holds south of 0.80 to close the week, traders will be focusing on a flag breakout scenario. A break below 0.7980 opens up the bearish continuation scenario. The moving averages in the 4H chart (200-, 100-, 50-), are in bearish alignment. During this 2-week flag pattern price pushed above the 50-SMA, but held below the 100-SMA, not ... (full story)

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kampred
Jun 27, 2014 5:59am
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if you said like that i will buy lol, some scammer trying to fools market...
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ForexMinute
Jun 27, 2014 6:17am
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Well, I think some traders will look at the 0.7960-80 area as support and buy in the near-term, but for me, the prevailing bearish trend is too strong to consider any bullish outlook outside of a session or 2. - Fan
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Trader#E0B6
Jun 27, 2014 7:11am
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Yea..the EUR dont really have any reason to be bullish at this time. Its already on the high side and is increasing the deflation factors in the Economy. For this, the ECB wants it down and the FED also wants the USD to strenghten to enhance their inflation projection the medium and long term. So its all bearish for EUR.
I think a moderate level between 1.3200 & 1.3300 equilibrium will help both countries to achieve the desired economic recovery and future growth...lol
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ForexMinute
Jun 27, 2014 8:37am
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Euro just being helped by U.S. stocks slump on Thursday and German data today

- Fan
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