Technical Analysis of Intraday Price Movement of EUR/GBP Cross Currency Pairs, Monday July 3, 2023.
July 3, 2023 9:24 am
Actually if we look at the 4 hour chart of this EUR/GBP cross currency pairs, although stlill moving below its EMA 200 which means Seller still dominates, however, by looking at CCI indicator which is manages to breaks upside the level -100,0, & 100 also hold on to the level 0 which indicates that there is a Support area as well as the appearance of 123 Bullish pattern followed by some of the Bullish Ross Hook (RH) gives a clue that there is a quite significant upward correction but only halted by the 200 EMA Dynamic Resistance, but with the formation of the Ascending Broadening Wedge pattern, it gives an indication that the strengthening that is occurring is experiencing a weakening of its volatility so that it is most likely that EUR/GBP will fall back down to the 0.8575 level as the main target and the 0.8534 level as the second target, but when it arrives -Suddenly there is a quite significant upward movement, especially if it manages to break above the 0.8616 level, then there is a possibility that EUR/GBP will continue to strengthen.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Actually if we look at the 4 hour chart of this EUR/GBP cross currency pairs, although stlill moving below its EMA 200 which means Seller still dominates, however, by looking at CCI indicator which is manages to breaks upside the level -100,0, & 100 also hold on to the level 0 which indicates that there is a Support area as well as the appearance of 123 Bullish pattern followed by some of the Bullish Ross Hook (RH) gives a clue that there is a quite significant upward correction but only halted by the 200 EMA Dynamic Resistance, but with the formation of the Ascending Broadening Wedge pattern, it gives an indication that the strengthening that is occurring is experiencing a weakening of its volatility so that it is most likely that EUR/GBP will fall back down to the 0.8575 level as the main target and the 0.8534 level as the second target, but when it arrives -Suddenly there is a quite significant upward movement, especially if it manages to break above the 0.8616 level, then there is a possibility that EUR/GBP will continue to strengthen.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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