Technical Analysis of Intraday Price Movement of EUR/GBP Cross Currency Pairs, Monday, October 16 2023.
October 16, 2023 8:25 am
Even though on the 4-hour chart the EUR/GBP cross currency pair is being corrected upwards, it is actually still moving in a downtrend, which can be seen from the appearance of the Bearish 123 pattern followed by the Bearish Ross Hook (RH) which coincidentally is also confirmed by the appearance of hidden deviations. between its price movement and the RSI indicator so that in the near future EUR/GBP will try to test the 0.8632 level. If this level is successfully broken then the next level it will go to is 0.8615, but if on its way to these levels suddenly EUR/GBP returns is corrected upwards until it passes the 0.8690 level, then all the downside scenarios that have been described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Even though on the 4-hour chart the EUR/GBP cross currency pair is being corrected upwards, it is actually still moving in a downtrend, which can be seen from the appearance of the Bearish 123 pattern followed by the Bearish Ross Hook (RH) which coincidentally is also confirmed by the appearance of hidden deviations. between its price movement and the RSI indicator so that in the near future EUR/GBP will try to test the 0.8632 level. If this level is successfully broken then the next level it will go to is 0.8615, but if on its way to these levels suddenly EUR/GBP returns is corrected upwards until it passes the 0.8690 level, then all the downside scenarios that have been described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: